Daytime dining concept the First Watch Restaurant Group has reported a net income of $2.65m for the fourth quarter (Q4) of 2023. This compares to a net loss of $0.5m during the same period of 2022.

The company attributed the growth to an increase in income from operations.

For the fourth quarter ended 31 December 2023, First Watch's total revenues were $244.6m, up by 31.7% from $185.7m in Q4 2022.

The revenues rose primarily due to $10.8m from same-restaurant sales growth of 5%, driven by menu price increases and a positive mix.

In Q4 2023, income from operations rose to $6.9m against $1.5m in Q4 2022.

The company’s restaurant-level operating profit also increased to $46.8m in Q4 2023 compared to $30.5m a year previously.

In the fourth quarter of 2023, the company’s system-wide sales increased to $296.5m, up by 26.6% compared to $234.2m in Q4 2022. Its same-restaurant sales increased by 5%.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the quarter rose to $24.6m, a significant increase from $15.1m recorded in the same period of 2022.

During Q4 2023, First Watch expanded its footprint by opening 19 system-wide restaurants - 17 company-owned and two franchise-owned - across 15 US states.

The company also acquired six operating franchise restaurants in Q4 2023.

First Watch president and CEO Chris Tomasso said: “First Watch achieved a number of significant milestones in 2023, including essentially doubling system-wide sales to more than $1bn since 2019 and posting nearly $100m in adjusted EBITDA.

“We also eclipsed the meaningful milestone of opening our 500th restaurant, all while delivering high single-digit same-restaurant sales growth and positive same-restaurant traffic growth.

“Given the untapped market potential in the daytime dining segment, combined with our operational focus and proven portability, we are optimistic about the growth ahead.”