BROS - Here's Why Dutch Bros Stock Jumped 31% in the First Half of 2024
2024-07-11 15:02:00 ET
Shares of drive-thru coffee chain Dutch Bros (NYSE: BROS) jumped 30.7% in the first half of 2024, according to data provided by S&P Global Market Intelligence . The stock was underperforming the S&P 500 for the year until it reported financial results for the first quarter of 2024. That's when it finally picked up steam and pulled ahead of the market in the first half of the year.
On May 7, Dutch Bros reported Q1 revenue of $275 million, which was up a whopping 39% year over year. Investors seemed particularly encouraged with same-store sales growth of 10%, boosted, in part, by higher traffic to its shops. Additionally, the company opened 45 new locations during the quarter, which also boosted sales.
On Feb. 21, Dutch Bros' management gave financial guidance for 2024 and left it little changed after reporting Q1 results. This means that Q1 results fell mostly inside of expectations.
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Here's Why Dutch Bros Stock Jumped 31% in the First Half of 2024