Dutch Bros Inc. ( NYSE: BROS ) moved higher after posting its Q2 earnings report. The company said it opened up its 600ths shop during the quarter and topped $1B in systemwide sales over the last 12 months.
The coffee store operator reported 44.2% revenue growth. Same shop sales were down 3.3% year-over-year, but 31 new company-operated shops across nine states were in the mix.
BROS accelerated efforts to increase productivity in the middle of the company's P&L by taking a 3% price increase in Q2. The action contributed to 630 basis points of sequential improvement in company-operated shop margins to 24.6% from 18.3% in Q1 and 21.8% a year ago. Management is evaluating further menu pricing action as needed in the back half of the year.
Adjusted EBITDA came in at $23.9M vs. $30.7M a year ago and the consensus mark of $26.3M.
Dutch Bros Inc. ( BROS ) backed its prior guidance for opening at least 130 new shops this year. Total revenues for the year is projected to be at least $715M vs. $712M consensus and adjusted EBITDA of at least $90M is anticipated.
Dutch Bros ( BROS ) rose 3.34% in AH trading to $45.52 after gaining 3.65% during the regular session just in front of the earnings report. Shares of BROS trade still below their 200-day moving average of $47.60.
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Dutch Bros. jumps after higher pricing leads to sales beat