First Watch Restaurant Group Provides Status Of Company Restaurants Affected By Hurricane Milton; Says "From October 8-13, 2024, 85 Company-Owned Restaurants In Hurricane Milton's Path Were Closed At Least 1 Business Day For Employee Safety, Storm Preparation, Utility Outage, Damage Assessment And Re-Stocking. By October 14th, 77 Of Those Restaurants Had Been Reopened"
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First Watch Restaurant Group (NASDAQ:FWRG) reported that 85 of its company-owned restaurants were closed due to Hurricane Milton, with 77 reopened by October 14, 2024. The company is working on reopening the remaining 8. Additionally, less than 10 restaurants were affected by Hurricane Helene.
October 14, 2024 | 12:37 pm
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First Watch Restaurant Group closed 85 restaurants due to Hurricane Milton, with 77 reopened by October 14, 2024. The impact on operations is being managed, with efforts to reopen the remaining 8. Less than 10 restaurants were affected by Hurricane Helene.
The temporary closure of 85 restaurants due to Hurricane Milton could have a short-term impact on First Watch's revenue. However, the reopening of 77 restaurants by October 14 suggests a quick recovery. The impact of Hurricane Helene was minimal, affecting less than 10 restaurants. Overall, the company's operations are stabilizing, leading to a neutral short-term impact on stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100