First Watch Restaurant gains as FY sales view exceeds estimates

First Watch Restaurant

07/03/2023 15:38

** Shares of First Watch Restaurant Group Inc  FWRG.O  rise
0.4% to $16.17 on Tuesday
    ** Restaurant chain  expects full-year sales above Wall
Street estimates, helped by rising restaurant traffic
    ** Forecasts annual revenue growth of 15% to 19% compared to
analysts' estimate of 16.4%, per Refinitiv data
    ** Co reports same-store sales and traffic growth of 15.7%
and 8.5%, respectively, through the first two months of Q1
    ** However, co misses Q4 revenue estimates, hurt by
temporary store closures due to Hurricane Ian     
    ** FWRG, which is majority owned by private-equity firm
Advent International, up nearly 30% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))