$20. BUT HERE TO DISCUSS MORE
IS CHRIS SO WHO IS THE CEO AND
PRESIDENT OF FIRST WATCH
RESTAURANT GROUP CHRIS
CONGRATULATIONS ON THIS
MILESTONE OCCASION FOR THE
COMPANY TELLS MORE ABOUT FIRST
WATCH FOR THOSE MAY NOT
BE FAMILIAR.
>> YEAH, THANKS FOR HAVING YEAH
FIRST A DAYTIME ONLY CONCEPT
WERE OPEN FROM 07:00AM UNTIL
02:30PM
EVERY DAY. WE HAVE MORE THAN
425 RESTAURANTS AND 28 STATES
AND WE'VE BEEN AT THIS FOR
ABOUT 4 DECADES
NOW SO OUR RESTAURANTS ARE
KNOWN FOR SERVING FRESH MADE TO
ORDER WE DON'T HAVE HEAT LAMPS
THE FIRES ARE MIKE WAYS IN OUR
RESTAURANTS AND I GUESS THAT
WE'VE BEEN AT THIS FOR A LONG
TIME AND SO YOU HAVE.
>> NO NIGHT SHIFTS EVER
APPROACH WITH ONLY ONE SHIFT
PER DAY SO HOW DOES
THIS IMPACT EMPLOYEE MORALE AND
EVEN EMPLOYEE RETENTION
TO IT.
>> ARE NO NIGHT SHIFT EVER IS
AN INCREDIBLE EMPLOYEE
PROPOSITION FOR US AND IT
ALLOWS US REALLY TO ATTRACT THE
BEST AND THE
BRIGHTEST IN IN AN INDUSTRY
THAT FRANKLY IS IS KNOWN FOR
FOR ITS CRIMES SO WERE ABLE TO
YOU KNOW
EMPLOY PEOPLE WHO ARE YOU THEY
HAVE HOSPITALITY AND THEIR
HEARTS BUT THEY STILL GET TO BE
HOME EVERY NIGHT WITH THEIR
FAMILIES AND AND COACH LITTLE
LEAGUE AND HAVE DINNER WITH
THEIR FAMILIES AND HELP WITH
HOMEWORK IT'S REALLY BEEN A BIG
DIFFERENTIATOR
FOR US.
>> THE FIRST RAID JUST TOOK
PLACE TELL US WHAT THIS DAY
SIGNIFIES FOR
FIRST WATCH.
>> WOW YOU KNOW I I KNOW OUR
OUR YOU KNOW I DON'T THINK THEY
EVER ENVISION THIS WHEN THEY
OPEN THE FIRST ONE IN 1983 IN
PACIFIC GROVE
CALIFORNIA, BUT YOU KNOW WE'VE
BEEN YOU KNOW VERY AGGRESSIVELY
OVER THE LAST NUMBER OF YEARS
WE WERE THE FASTEST GROWING
FULL-SERVICE RESTAURANT COMPANY
IN AMERICA, THE LAST
2 YEARS IN. IT IS IT'S A BIG
MILESTONE FOR US WE HAD WE HAD
FOLKS FROM ALMOST EVERY LEVEL
OF OUR COMPANY UP HERE TO JOIN
US IN NEW YORK IN IT'S JUST
BEEN A GREAT DAY AND A GREAT
CELEBRATION. WE'RE REALLY
LOOKING FORWARD TO THIS BEING
THE FIRST STEP OF NEXT
COUPLE DECADES.
>> LEISURE AND HOSPITALITY, ONE
OF THE HARDEST HIT SECTORS BY
THE PANDEMIC IN THE RESTAURANT
INDUSTRY WITHIN THAT IS WELL
HOW DID FIRST WATCHING THAT TO
THE PANDEMIC.
>> WE ADAPTED VERY WELL DURING
THE WHETHER
IT WAS.
>> LEANING INTO THE
PREMISES BUSINESS BUT REALLY
WHAT WE DID IS WE FOCUSED ON
OUR EMPLOYEES DURING THAT TIME
AND AND REALLY YOU WALK THE
WALK AND STOOD BEHIND OUR
CULTURE AND THAT LED TO YOU
KNOW
A TREMENDOUS OUT OF THEM
RETURNING TO A POST PANDEMIC
AND AND THAT'S REALLY WHAT
ALLOWED US TO REOPEN SO
STRONGLY AND RECOVER
SO QUICKLY. YOU KNOW WE HAD 90%
OF OUR GENERAL MANAGERS RETURN
AND YOU KNOW 75% OF OUR TENURED
HOURLY
STAFF RETURN AND A 100% OF OUR
DIRECTORS OF OPERATION SO
WHEN WE WE WERE READY WITH THE
SAME SMILEY FACE IS WE HAD
BEFORE COVID TO WELCOME OUR
GUESTS BACK AND THEY WANTED TO
COME BACK.
>> WHAT DO YOU SEE THE LARGEST
OPPORTUNITIES FOR GROWTH AS YOU
CONTINUE TO SCALE THE BUSINESS.
>> YEAH, I YOU KNOW WE HAVE
WE'RE PLANNING GROWTH OF ABOUT
10 TO 12% A FROM A NEW
UNIT PERSPECTIVE WE FOCUS ON
CORE MARKETS EMERGING MARKETS
IN NEW
JUST BRINGING THE VERY UNIQUE
FIRST WATCH BREAKFAST, BRUNCH
AND LUNCH TO TO MORE TOWNS AND
CITIES ACROSS AMERICA IS OUR
FIRST
PRIORITY BUT WE ALSO HAVE VERY
VERY LOW BRAND AWARENESS WE'VE
WE'VE ACHIEVED TREMENDOUS
RESULTS WITH FRANKLY NOT BEING
A VERY WELL-KNOWN COMMODITY IN
THE IN THE U.S. AND SO WE'RE
GOING TO BE WORKING ON THAT AS
WELL AND THAT THAT'S YOU KNOW
TO US IS TREMENDOUS OPPORTUNITY
AND UPSIDE.
>> SUCH A PLEASURE TO HAVE YOU
HERE WITH US TODAY
CONGRATULATIONS ON THIS MAJOR