First Watch Restaurant Group, Inc. Q4 FY2025 earnings call

2025年业绩良好，同店销售增长、新开餐厅；加强第三方配送合作，数字营销有积极回报；推进营销和客户分析能力建设；推出新核心菜单和季节性菜单；2025年获美国最受喜爱工作场所等荣誉，更新总经理工作职责，员工流失率下降，申请量增加

2025年总营收增长超20%，同店销售增长3.6%，新开64家餐厅。第四季度总营收316,400,000美元，增长20.2%，同店销售增长3.1%。食品和饮料费用占销售额22.9%，劳动力及其他相关费用占销售额33.5%，2025年餐厅层面营业利润率为19%，调整后EBITDA为33,700,000美元，增长38.7%，调整后EBITDA利润率为10.6%

2026年同店销售预期1%-3%，总营收增长12%-14%，新开59-63家系统范围餐厅，包括53-55家公司直营和9-11家特许经营，预计3家公司直营餐厅关闭，调整后EBITDA预期132,000,000-140,000,000美元，资本支出150,000,000-160,000,000美元

行业2026年预计同店流量下降约3%，商品通胀、劳动力成本通胀等风险

Q: James Ronald Salera asked about FY 2026 industry underwriting and mix component.

A: Henry Melville Hope said industry may have modest traffic decline and they expect to outperform, and mix details not projected typically.

Q: Jeffrey Bernstein asked about 2026 unit growth constraint.

A: Chris said long-term targets have ebbs and flows, focus on core system health.

Q: Sara Senatore asked about comp expectations and new unit AUVs.

A: Henry Melville Hope said comp guidance incorporates current environment, Chris said new unit AUVs continue to increase.

Q: Andrew Charles asked about marketing same-store sales outperformance and commodity/labor inflation cadence.

A: Matt Eisenacher talked about marketing scaling and Henry Melville Hope said inflation likely higher in second half.

Q: Jon Michael Tower asked about core menu enhancement operational improvements.

A: Christopher A. Tomasso said menu has back-of-house benefits like reducing prep time.

Q: Andrew Marc Barish asked about delivery business and new unit growth.

A: Christopher A. Tomasso talked about delivery partnership and Henry Melville Hope clarified new unit growth range.

Q: Todd Morrison Brooks asked about marketing focus.

A: Matt Eisenacher said marketing focuses on targeting breakfast daypart users.

Q: Brian Hugh Mullan asked about dayparts and menu innovation.

A: Christopher A. Tomasso talked about daypart performance and menu innovation in beverage category.

Q: Gregory Francfort asked about pricing and margin outlook.

A: Christopher A. Tomasso and Henry Melville Hope talked about pricing evaluation and margin drivers.

Q: Brian Michael Vaccaro asked about G&A and commodity inflation.

A: Henry Melville Hope talked about G&A leverage and commodity inflation details