2023-08-08 16:33:18 ET
- Dutch Bros press release ( NYSE: BROS ): Q2 Non-GAAP EPS of $0.13 beats by $0.07 .
- Revenue of $250M (+34.1% Y/Y) misses by $3.43M .
- Opened 38 new shops, bringing total shop count to 754 as of June 30, 2023, a 25.0% increase from June 30, 2022.
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Dutch Bros is providing the following guidance for the year 2023:
- Total system shop openings in 2023 are expected to remain at least 150, of which at least 130 shops will be company-operated.
- Total revenues are projected to be at the lower end of the previously communicated range of $950 million to $1 billion vs. consensus of $972.81M, which reflects current new shop AUV trends of approximately $1.7 million, partially offset by improved traffic trends and Q3 pricing actions.
- Same shop sales growth is estimated to remain in the low single digits.
- Adjusted EBITDA is now estimated to be between $135 million and $140 million, up from at least $125 million. This reflects stronger than expected year-to-date profitability trends, partially offset by revised revenue expectations and increased levels of investment in support of key priorities.
- Capital expenditures are estimated to be in the range of $225 million to $250 million, which includes approximately $15 million to $20 million in spending in 2023 for our new roasting facility projected to open in 2024.
For further details see:
Dutch Bros reports mixed Q2 earnings; sees FY23 revenue at the lower end of outlook