First Watch

First Watch Brings Sun-Kissed Flavors to Spring Menu

Retrieved on: 
Tuesday, March 19, 2024
Onion, Senior, Sun, Breakfast, First Watch, Fast food

BRADENTON, Fla., March 19, 2024 /PRNewswire/ -- The tropics are just a sip away at First Watch as the leader in breakfast, brunch and lunch unveils its newest seasonal menu, packed full of flavors brimming with island flair. The five limited-time, chef-curated offerings – featuring ingredients like Cajun shrimp, caramelized pineapple and coconut – are available at restaurants nationwide* through May 26.

Key Points: 
  • "This Spring menu has quickly become one of my favorites because we're blending returning customer favorites with brand-new creations," said Shane Schaibly, Senior Vice President of Culinary Strategy at First Watch.
  • "For this menu, we looked to warmer latitudes, like the Caribbean, Hawaiian Islands and South Carolina low-country, for inspiration.
  • First Watch is open seven days a week from 7 a.m. until 2:30 p.m. for pickup, delivery and dine-in service.
  • For more information about First Watch and its seasonal menu offerings, or to find your nearest location, visit firstwatch.com .

First Watch Restaurant Group, Inc. Reports Strong 2023 Financial Results and Provides 2024 Outlook

Retrieved on: 
Tuesday, March 5, 2024
Comparison, Restaurant, Lunch, Interest, Growth, Food, Adjustment, GAAP, First Watch, Daytime, Webcast, Finance, Security (finance), Insurance, Depreciation, Fast food

At December 31, 2023, there were 327 restaurants in the one-year Comparable Restaurant Base and 205 restaurants in the four-year Comparable Restaurant Base.

Key Points: 
  • At December 31, 2023, there were 327 restaurants in the one-year Comparable Restaurant Base and 205 restaurants in the four-year Comparable Restaurant Base.
  • At December 31, 2023, there were 327 restaurants in the one-year Comparable Restaurant Base and 205 restaurants in the four-year Comparable Restaurant Base.
  • Restaurant level operating profit: a non-GAAP measure, is defined as restaurant sales, less restaurant operating expenses, which include food and beverage costs, labor and other related expenses, other restaurant operating expenses, pre-opening expenses and occupancy expenses.
  • Restaurant level operating profit margin: a non-GAAP measure, is defined as Restaurant level operating profit as a percentage of restaurant sales.

First Watch Co-Founder, Longtime CEO and Former Chairman Ken Pendery Passes Away at 70

Retrieved on: 
Tuesday, March 5, 2024
Steps, Restaurant, Breakfast, Multimedia, Home Office, Culture, Neurological disorder, Multiple system atrophy, Commitment, First Watch, Family, Red, Maureen, Trust, Management

BRADENTON, Fla., March 5, 2024 /PRNewswire/ -- His bold words are plastered on the walls of the Florida-based restaurant company's Home Office and serve as a constant reminder and permanent edict from the beloved hospitality leader: "Culture is integrity. It's honesty. It's respect."

Key Points: 
  • First Watch announced today that co-founder and longtime leader Ken Pendery passed away on March 4, 2024, after a battle with Multiple System Atrophy, a rare neurological disorder.
  • Pendery retired from the company's board of directors in 2022 after 38 years with the breakfast, brunch and lunch concept.
  • During his time at the helm, First Watch grew from about 50 restaurants in 1998 to more than 330 in 2018, when he transitioned from CEO to executive chairman.
  • Pendery is survived by his wife, Jenny; two children, Trey (Maureen) and Libby (Kevin); and four grandchildren, Woods, Nora, Sita and Red.

First Watch Announces Acquisition of Tulsa-Area Franchise Location

Retrieved on: 
Monday, January 22, 2024
Hand, Acquisition, First Watch

BRADENTON, Fla., Jan. 22, 2024 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept, announced that it has acquired, effective today, its previously franchise-owned restaurant in Broken Arrow, Okla.

Key Points: 
  • BRADENTON, Fla., Jan. 22, 2024 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept, announced that it has acquired, effective today, its previously franchise-owned restaurant in Broken Arrow, Okla.
    "We’re proud to welcome the Broken Arrow restaurant team into the First Watch company-owned system,” said Chris Tomasso, First Watch CEO and President.
  • “This acquisition is part of our long-term growth strategy.
  • This particular restaurant opened less than two years ago and has already made its mark on the local community.
  • We’re thankful to the franchise partner for their support during this successful transition and look forward to continuing this restaurant’s reputation for operational excellence.”
    The acquisition was funded with cash on hand.

First Watch Welcomes New Year with Bright and Bold Seasonal Menu

Retrieved on: 
Tuesday, January 9, 2024
Cream, Jump start, Cheddar, Cheese, First Watch, Breakfast, Season, Sun, Restaurant, Jump, Fast food

BRADENTON, Fla., Jan. 9, 2024 /PRNewswire/ -- First Watch is inviting guests on a culinary tour through its first seasonal menu of 2024, with limited-time items inspired by regional foodie hot spots like Brooklyn, New York and Mexico City. The "Jump Start" menu is available nationwide* – at more than 500 restaurants in 29 states – through March 17, 2024, to give breakfast, brunch and lunch the fresh start it deserves.

Key Points: 
  • "At First Watch, we believe a year has five seasons – which is why our new seasonal menu is nicknamed 'Jump Start,'" said Shane Schaibly, Head Chef at First Watch.
  • "This season's dishes embrace the momentum of the new year while also appealing to those seeking comfort fare during colder months.
  • First Watch is open seven days a week from 7 a.m. until 2:30 p.m. for pickup, delivery and dine-in service.
  • For more information about First Watch and its seasonal menu offerings, or to find your nearest location, visit firstwatch.com .

First Watch to Acquire 21 Franchise Restaurants in North Carolina

Retrieved on: 
Monday, January 8, 2024
Restaurant, Acquisition, First Watch, Lunch, Growth

BRADENTON, Fla., Jan. 08, 2024 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (together with its subsidiaries “First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced it has agreed to acquire 21 of its franchise-owned restaurants and corresponding development rights in North Carolina for an aggregate purchase price of $75 million on a cash-free, debt-free basis, subject to certain customary adjustments.

Key Points: 
  • “Our acquisition of franchise-operated restaurants is an important part of our long-term growth and value creation strategy, and this represents our most significant transaction to date,” said Chris Tomasso, First Watch CEO & President.
  • “We expect these 21 restaurants in one of our key markets will generate average unit volumes and restaurant level operating profit margins in line with our Company-owned restaurants and provide us with additional territories in which to grow organically for years to come.
  • With this transaction, First Watch will have acquired 44 total franchised restaurants across five accretive acquisitions since May 2023.
  • We anticipate accessing the new delayed draw facility upon the closing of this franchisee restaurant acquisition,” said Mel Hope, First Watch Chief Financial Officer.

First Watch Restaurant Group, Inc. Reports Preliminary Operational Metrics for the Fourth Quarter and Fiscal Year 2023

Retrieved on: 
Monday, January 8, 2024
Restaurant, Growth, Conference, Comparison, First Watch, Jefferies, Interest, The Ritz-Carlton Hotel Company, Fast food

During 2023, there were 51 system-wide new restaurant openings consisting of 37 company-owned restaurants and 14 franchise-owned restaurants with one company-owned restaurant closure.

Key Points: 
  • During 2023, there were 51 system-wide new restaurant openings consisting of 37 company-owned restaurants and 14 franchise-owned restaurants with one company-owned restaurant closure.
  • During the fourth quarter 2023, there were 19 new system-wide restaurant openings consisting of 17 company-owned restaurants and 2 franchise-owned restaurants.
  • At December 31, 2023, there were 327 restaurants in the one-year Comparable Restaurant Base and 205 restaurants in the four-year Comparable Restaurant Base.
  • At December 31, 2023, there were 327 restaurants in the one-year Comparable Restaurant Base and 205 restaurants in the four-year Comparable Restaurant Base.

First Watch Announces Appointment of Jostein Solheim to Board of Directors

Retrieved on: 
Wednesday, December 6, 2023
Cream, Unilever, Marketing, First Watch, Knowledge, Lunch, Ice cream, Growth, Solheim, Management

BRADENTON, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced the appointment of Jostein Solheim to its Board of Directors effective immediately.

Key Points: 
  • BRADENTON, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced the appointment of Jostein Solheim to its Board of Directors effective immediately.
  • Solheim is an experienced chief executive officer who currently serves as the CEO, Health & Wellbeing at Unilever PLC.
  • “We are excited to welcome Jostein to the Board of Directors of First Watch, and we look forward to leveraging his extensive marketing and brand management expertise,” said Ralph Alvarez, Chairman of the Board of Directors of First Watch.
  • “Jostein is a proven leader who has spent his career at Unilever driving transformative growth, and he brings extensive knowledge and experience to our board.

First Watch Announces Acquisition of Six Franchise Restaurants in Florida

Retrieved on: 
Monday, November 13, 2023
Acquisition, First Watch, Sunlight, Florida Panhandle, Hand, Restaurant

BRADENTON, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept, announced that it has acquired, effective today, six of its previously franchise-owned restaurants in Florida.

Key Points: 
  • BRADENTON, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept, announced that it has acquired, effective today, six of its previously franchise-owned restaurants in Florida.
  • “We’re thrilled to welcome our newest teams in the Florida Panhandle to the First Watch company-owned system.
  • “As part of our long-term growth strategy, we’ve now welcomed 23 new restaurants this year alone into the First Watch fold that were previously owned by our franchise partners.
  • We look forward to celebrating our newest teams and restaurants and continuing our dedication to operational excellence in the Sunshine State.”
    The acquisition was funded with cash on hand.

First Watch Restaurant Group, Inc. Reports Strong Q3 2023 Financial Results and Surpasses 500 System-Wide Restaurants

Retrieved on: 
Wednesday, November 1, 2023
Adjustment, Security (finance), Food, EBITDA, Finance, First Watch, GAAP, Lunch, Comparable, Growth, Interest, COVID-19, Webcast, Restaurant, Comparison, Depreciation, Bookkeeping, Fast food, Cryptocurrency, Food delivery

BRADENTON, Fla., Nov. 01, 2023 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended September 24, 2023 (“Q3 2023”) and updates its fiscal year 2023 guidance.

Key Points: 
  • “First Watch delivered impressive Q3 revenue and earnings results,” said Chris Tomasso, First Watch CEO and President.
  • For the thirteen weeks ended September 24, 2023 and September 25, 2022, there were 327 restaurants and 303 restaurants, respectively, in our Comparable Restaurant Base.
  • For the thirteen weeks ended September 24, 2023 and September 25, 2022, there were 327 restaurants and 303 restaurants, respectively, in our Comparable Restaurant Base.
  • Restaurant level operating profit margin: a non-GAAP measure, is defined as Restaurant level operating profit as a percentage of restaurant sales.