Company: FWRG
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001789940-25-000010
Chunk: 88

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 88
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.1 %14,459 1.6 %Total revenues1,015,910 100.0 %891,551 100.0 %Operating costs and expensesRestaurant operating expenses (1) (exclusive of depreciation and amortization shown below):Food and beverage costs223,097 22.2 %197,374 22.5 %Labor and other related expenses335,038 33.4 %294,010 33.5 %Other restaurant operating expenses151,968 15.1 %134,477 15.3 %Occupancy expenses82,694 8.2 %68,400 7.8 %Pre-opening expenses10,109 1.0 %7,173 0.8 %General and administrative expenses113,270 11.1 %103,121 11.6 %Depreciation and amortization57,715 5.7 %41,223 4.6 %Impairments and loss on disposal of assets525 0.1 %1,359 0.2 %Transaction expenses, net2,587 0.3 %3,147 0.4 %Total operating costs and expenses977,003 96.2 %850,284 95.4 %Income from operations (1)38,907 3.9 %41,267 4.7 %Interest expense(12,640)(1.2)%(8,063)(0.9)%Other income, net1,759 0.2 %2,871 0.3 %Income before income taxes28,026 2.8 %36,075 4.0 %Income tax expense(9,101)(0.9)%(10,690)(1.2)%Net income $18,925 1.9 %$25,385 2.8 %____________

(1) Percentages are calculated as a percentage of restaurant sales.

Restaurant Sales 

Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at company-owned restaurants. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check growth is driven by our menu price increases and changes to our menu mix.

FISCAL YEAR(in thousands)20242023ChangeRestaurant sales:In