Dutch Bros. ( NYSE: BROS ) after reporting revenue rose 44% in Q4 to $201.8M.
System same-shop sales declined 0.6% during the quarter, including the impact of Dutch Bros.' ( BROS ) fortressing strategy, which resulted in sales being transferred from existing shops to new ones, System same-shop sales were up 15.2% on a 3-year stacked comparison.
Adjusted EBITA during the quarter was up 116% year-over-year to $29.8M vs. $29.6M consensus.
Company-operated shop gross profit was $38.8M vs. $16.6M a year ago. Company-operated shop gross margins, which includes 220bps of pre-opening expenses and 210 bps of Dutch Rewards loyalty app breakage related to 2021, improved to 22.1%.
For the full year, Dutch Bros. ( BROS ) opened 133 new shops, 120 of which were company-operated, across 11 states.
Looking ahead, the coffee retailer sees full-year revenue of between $950M and $1.0B vs. $981M consensus. 2023 adjusted EBITDA of about $125M is expected vs. $142M consensus. In terms of store growth, BROS guided for total system shop openings in 2023 of at least 150, of which at least 130 shops will be company-operated.
Short interest on Dutch Bros. ( BROS ) has fallen to below 20% of total float, but is still a factor in adding volatility. Shares of BROS fell 7.37% in postmarket trading on Wednesday to land at $35.05.
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Dutch Bros falls after guidance disappoints