First Watch meets Q1 estimates as shares fall after earnings call, FWRG trades at $11.68

First Watch Restaurant Group Inc. (FWRG) met Wall Street expectations for first-quarter revenue and adjusted earnings per share, but its shares traded at $11.68 after the report, down 4.3% from $12.21 before earnings. Management said results were supported by a new core menu and expanded digital marketing efforts aimed at improving customer engagement and average checks. CEO Christopher Tomasso said customers are responding to the updated menu and exploring more of the company’s offerings, despite mixed macroeconomic signals in the breakfast segment. Key investor focus areas for coming quarters include whether digital marketing can lift customer acquisition and visit frequency, how customers respond to new core and seasonal menus, and the pace and returns of new restaurant openings. Inflation management and pricing discipline will remain central to preserving traffic.