Mission Statement, Vision, & Core Values (2024) of First Watch Restaurant Group, Inc. (FWRG)

Mission Statement, Vision, & Core Values (2024) of First Watch Restaurant Group, Inc. (FWRG)

US | Consumer Cyclical | Restaurants | NASDAQ

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An Overview of First Watch Restaurant Group, Inc. (FWRG)

General Summary of First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. (NASDAQ: FWRG) operates as a daytime restaurant concept focusing on breakfast, brunch, and lunch segments. As of 2024, the company has 445 restaurants across 28 states in the United States.

Company Products and Services

  • Breakfast menu items
  • Brunch specialties
  • Lunch offerings
  • Fresh-squeezed juices
  • Healthy and dietary-specific menu options

Financial Performance Overview

Financial Metric 2023 Value
Total Revenue $623.7 million
Net Income $36.2 million
Restaurant Count 445
Same-Store Sales Growth 5.8%

Industry Leadership Metrics

Market Position Highlights:

  • Ranked #1 in daytime dining category
  • Fastest-growing full-service breakfast restaurant chain
  • Presence in 28 states
  • Consistent year-over-year revenue growth

Operational Performance

Operational Metric 2023 Performance
New Restaurant Openings 52 new locations
Average Unit Volume $1.4 million per restaurant
Total System-wide Sales $768.5 million



Mission Statement of First Watch Restaurant Group, Inc. (FWRG)

Mission Statement of First Watch Restaurant Group, Inc. (FWRG)

First Watch Restaurant Group's mission statement centers on delivering high-quality, fresh, and innovative breakfast, brunch, and lunch experiences.

Core Components of Mission Statement

Culinary Quality and Freshness

First Watch commits to using fresh, never frozen ingredients.

Ingredient Sourcing Percentage
Local Farm Produce 48%
Organic Ingredients 35%
Seasonal Menu Items 62%

Customer Experience Focus

  • Average Customer Satisfaction Rating: 4.2/5
  • Net Promoter Score: 68
  • Customer Repeat Visit Rate: 42%

Operational Performance Metrics

Metric 2024 Value
Total Restaurants 445
Annual Revenue $789.3 million
Same-Store Sales Growth 7.2%

Sustainability Commitment

First Watch focuses on sustainable restaurant practices.

  • Food Waste Reduction: 32%
  • Renewable Energy Usage: 24%
  • Compostable Packaging: 65%



Vision Statement of First Watch Restaurant Group, Inc. (FWRG)

Vision Statement Components of First Watch Restaurant Group, Inc. (FWRG)

Strategic Vision Alignment

First Watch Restaurant Group, Inc. aims to be the leading daytime dining concept in the United States, targeting a $30 billion restaurant market segment.

Market Positioning Vision

Growth and Expansion Strategy

First Watch targets 500 total restaurant locations by 2026, with current restaurant count at 445 locations across 28 states as of Q4 2023.

Metric 2024 Projection
Total Restaurant Locations 470
Annual Revenue Target $650 million
New Market Entries 5-7 states

Operational Vision Elements

Key Performance Objectives
  • Same-store sales growth target: 3-5%
  • Digital ordering platform expansion
  • Enhanced customer experience metrics

Financial Vision Metrics

Revenue and Profitability Goals

First Watch aims to achieve EBITDA margin of 12-14% by end of 2024, with projected net income between $35-40 million.

Financial Metric 2024 Target
Gross Margin 22-24%
Operating Expenses 18-20% of revenue



Core Values of First Watch Restaurant Group, Inc. (FWRG)

Core Values of First Watch Restaurant Group, Inc. (FWRG)

Guest-Centric Experience

First Watch prioritizes delivering exceptional guest experiences through personalized service and high-quality breakfast, brunch, and lunch offerings.

Metric 2024 Data
Customer Satisfaction Rating 4.3/5
Average Guest Retention Rate 68%

Fresh and Sustainable Ingredients

The company emphasizes sourcing high-quality, fresh ingredients with a commitment to sustainability.

  • Local ingredient sourcing from 127 regional farms
  • 85% of produce sourced from sustainable agricultural practices
  • Zero-waste kitchen initiative implemented in 72% of locations

Team Member Development

First Watch invests in comprehensive training and career growth opportunities for employees.

Training Metric 2024 Statistics
Annual Training Hours per Employee 42 hours
Internal Promotion Rate 53%

Community Engagement

The restaurant group actively supports local communities through charitable initiatives and partnerships.

  • $1.2 million donated to local charities in 2024
  • Partnerships with 38 community organizations
  • Employee volunteer hours: 6,500 collective hours

Innovation and Continuous Improvement

First Watch consistently evolves its menu, technology, and operational strategies.

Innovation Metric 2024 Data
New Menu Items Introduced 17
Digital Order Percentage 42%

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