First Watch Restaurant's Q4 Revenue Tops Street View

• First Watch Restaurant Group Inc (NASDAQ:FWRG) reported fourth-quarter FY21 sales growth of 48.6% year-on-year, to $162.62 million, beating the consensus of $159.66 million.
• The same-restaurant sales grew 36.7%, and the same-restaurant traffic rose 31.9% versus last year.
• The loss from operations narrowed to $(1.1) million from $(4.7) million last year.
• Total operating costs and expenses rose 43.4% Y/Y to $163.7 million.
• Adjusted EBITDA jumped by 305.7% to $14.2 million, with an adjusted EBITDA margin of 8.7% versus 3.2% last year.
• Net loss for the quarter was $(4.7) million versus $(7.1) million last year. EPS loss of $(0.08) matched the Street view.
• Outlook: First Watch sees FY22 revenue growth of more than 15%, with same-restaurant sales growth in the high-single digits with continued positive traffic.
• The company expects FY22 adjusted EBITDA of $67 million - $71 million.
• Price Action: FWRG shares traded higher by 1.53% at $13.25 in premarket on the last check Wednesday.