First Watch Restaurant's Q4 Revenue Tops Street View

First Watch Restaurant Group Inc 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.

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