First Watch Restaurant sees Q4 SSS growth up 5%

Reports same-restaurant traffic growth up 1.3%. Reports 2023 SSS growth up 7.6%. Reports 2023 same-restaurant traffic growth up 0.2%.”First Watch is the clear category leader in the fast-growing Daytime Dining segment, and we delivered on our same restaurant sales and traffic expectations for 2023. Our dining room traffic growth improved sequentially in Q4, which is a reflection of the exceptional experiences that our teams create for our customers each day. Furthermore, the restaurants enjoyed better food and labor cost than we previously projected,” said Chris Tomasso, First Watch CEO and President. “Our expanding system grew 11% in 2023 versus 2022 as we opened a total of 51 system-wide restaurants across 19 states. We also view franchise acquisitions as an important part of our growth strategy, and since May 2023 have acquired, or announced agreement to acquire, 44 franchise-owned restaurants.”