BRCC - Why Black Rifle Coffee Company Stock Hit an All-Time Low Today
2023-03-16 12:22:31 ET
Shares of Black Rifle Coffee Company (NYSE: BRCC) -- also known as BRC -- hit all-time lows on Thursday after the company reported financial results for the fourth quarter of 2022. Results were within guidance, but management lowered guidance for 2023. And that's why BRC stock is down about 7% as of 10:50 a.m. ET, after being down as much as 10% in earlier trading.
BRC sells ground coffee through partners including Walmart , operates its own branded stores, sells directly to consumers, and sells ready-to-drink coffee beverages in convenience stores. In Q4, it generated revenue of $93.6 million, up 30% from the prior-year period and within management's guidance.
BRC is in rapid expansion mode. During Q4, the company opened four new locations (which it calls outposts), helping to boost revenue for that channel and bringing its total outposts to 26. Moreover, its ready-to-drink beverages are in nearly 45% more locations now than last year. And its distribution for ground coffee quadrupled during 2022, thanks to its Walmart partnership.
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Why Black Rifle Coffee Company Stock Hit an All-Time Low Today