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First Watch (FWRG) Stock Up on Strong Q4 Preliminary Results
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First Watch Restaurant Group, Inc. (FWRG - Free Report) reported fourth-quarter and fiscal 2023 preliminary results. Following the preliminary results, the company’s shares increased 2.8% on Jan 8.
First Watch stands out as the undisputed leader in the rapidly expanding Daytime Dining segment. It achieved its target for same restaurant sales and traffic in 2023. The fourth quarter witnessed a sequential improvement in its dining room traffic growth, underscoring exceptional experiences crafted by its dedicated teams for customers on a daily basis.
In 2023, the company experienced an impressive 11% growth in its expanding system compared with 2022, marked by the opening of 51 system-wide restaurants across 19 states. Recognizing franchise acquisitions as a key element of the company’s growth strategy, it has strategically acquired or announced buyout agreements, taking the total to 44 franchise-owned restaurants since May 2023.
FWRG’s fourth-quarter fiscal 2023 preliminary same restaurant sales indicate 4% growth year over year and 35.2% increase compared with 2019 levels. On the other hand, same-restaurant traffic declined 1.3% in fourth-quarter 2023 but increased 0.2% in fiscal 2023.
Throughout 2023, a total of 51 new restaurants opened within the system, comprising 37 company-owned restaurants and 14 franchise-owned restaurants. However, one company-owned restaurant was closed during this period.
The company carries a Zacks Rank #3 (Hold). Shares of the company have gained 29% in the past year compared with the industry’s 2.8% growth.
Image Source: Zacks Investment Research
Key Picks
Below we present some better-ranked stocks from the Zacks Retail-Wholesale sector.
The Zacks Consensus Estimate for ARCO’s 2024 sales and earnings per share (EPS) indicates 10.6% and 15.5% growth, respectively, from the year-ago levels.
Brinker International, Inc. (EAT - Free Report) currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 223.6%, on average. Shares of EAT have gained 9.4% in the past year.
The Zacks Consensus Estimate for EAT’s 2024 sales and EPS implies 5.1% and 26.2% growth, respectively, from the year-earlier numbers.
Wingstop Inc. (WING - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 28.9%, on average. The stock has risen 68.4% in the past year.
The Zacks Consensus Estimate for WING’s 2024 sales and EPS suggests 15.8% and 18.2% growth, respectively, from the prior-year actuals.
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First Watch (FWRG) Stock Up on Strong Q4 Preliminary Results
First Watch Restaurant Group, Inc. (FWRG - Free Report) reported fourth-quarter and fiscal 2023 preliminary results. Following the preliminary results, the company’s shares increased 2.8% on Jan 8.
First Watch stands out as the undisputed leader in the rapidly expanding Daytime Dining segment. It achieved its target for same restaurant sales and traffic in 2023. The fourth quarter witnessed a sequential improvement in its dining room traffic growth, underscoring exceptional experiences crafted by its dedicated teams for customers on a daily basis.
In 2023, the company experienced an impressive 11% growth in its expanding system compared with 2022, marked by the opening of 51 system-wide restaurants across 19 states. Recognizing franchise acquisitions as a key element of the company’s growth strategy, it has strategically acquired or announced buyout agreements, taking the total to 44 franchise-owned restaurants since May 2023.
FWRG’s fourth-quarter fiscal 2023 preliminary same restaurant sales indicate 4% growth year over year and 35.2% increase compared with 2019 levels. On the other hand, same-restaurant traffic declined 1.3% in fourth-quarter 2023 but increased 0.2% in fiscal 2023.
Throughout 2023, a total of 51 new restaurants opened within the system, comprising 37 company-owned restaurants and 14 franchise-owned restaurants. However, one company-owned restaurant was closed during this period.
The company carries a Zacks Rank #3 (Hold). Shares of the company have gained 29% in the past year compared with the industry’s 2.8% growth.
Image Source: Zacks Investment Research
Key Picks
Below we present some better-ranked stocks from the Zacks Retail-Wholesale sector.
Arcos Dorados Holdings Inc. (ARCO - Free Report) sports a Zacks Rank #1 (Strong Buy) at present. It has a trailing four-quarter earnings surprise of 28.3%, on average. Shares of ARCO have jumped 47.5% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for ARCO’s 2024 sales and earnings per share (EPS) indicates 10.6% and 15.5% growth, respectively, from the year-ago levels.
Brinker International, Inc. (EAT - Free Report) currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 223.6%, on average. Shares of EAT have gained 9.4% in the past year.
The Zacks Consensus Estimate for EAT’s 2024 sales and EPS implies 5.1% and 26.2% growth, respectively, from the year-earlier numbers.
Wingstop Inc. (WING - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 28.9%, on average. The stock has risen 68.4% in the past year.
The Zacks Consensus Estimate for WING’s 2024 sales and EPS suggests 15.8% and 18.2% growth, respectively, from the prior-year actuals.