First Watch Restaurants Reopen After Hurricane Impact

By Tamara Parker • Wednesday, October 16 06:01 • Permanent Link

First Watch Restaurant Group, Inc. (NASDAQ: FWRG) has provided an update on the status of its company-owned restaurants affected by Hurricane Milton and Hurricane Helene. From October 8, 2024, through October 13, 2024, 85 company-owned restaurants in Hurricane Milton’s path were closed for at least one business day. As of October 14th, 77 of those restaurants had been reopened, with management working on determining the reopening timetable for the remaining 8 affected restaurants.

In contrast, due to Hurricane Helene, less than 10 of First Watch’s company-owned restaurants were closed for at least one business day, with only one being closed for more than three days.

The company maintains comprehensive insurance coverage on all of its restaurants, including property, flood, and business interruption. It is currently working with its insurance providers to assess the overall impact from the storms. This assessment is expected to take at least several weeks to complete and determine the extent, if any, to which the coverages apply.

First Watch operates more than 535 restaurants in 29 states, including 125 in Florida. It is recognized as the leading daytime dining concept serving made-to-order breakfast, brunch, and lunch using fresh ingredients. The company has received numerous accolades and awards for its menu offerings and workplace culture.

The press release did not include specific financial metrics or comparative data from the previous period. The market has reacted to these announcements by moving the company's shares 2.8% to a price of $14.77. Check out the company's full 8-K submission here.

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