2023-05-09 16:41:23 ET
Dutch Bros ( NYSE: BROS ) fell reporting revenue rose 29.6% to $197.3M, but missed the high-flying consensus expectation.
System same-shop sales declined 2.0% year-over-year during the quarter, inclusive of the impact of the company's fortressing strategy, which results in sales being transferred from existing shops to new ones. Company-operated shop revenues increased 33.0% to $173.2M.
Adjusted EBITDA during the quarter was up 147% year-over-year to $23.9M vs. $15.7M consensus.
Company-operated shop gross profit was $28.9M vs. $16.6M a year ago. Company-operated shop gross margin, which includes 190 bps of pre-opening expenses improved to 16.7% to mark a year-over-year increase of 390 basis points.
For the quarter, Dutch Bros. ( BROS ) opened 45 new shops, 42 of which were company-operated, across 9 states.
Looking ahead, the coffee retailer sees full-year revenue of between $950M and $1.0B vs. $986M consensus. 2023 adjusted EBITDA of about $125M is expected vs. $127M consensus. In terms of store growth, Dutch Bros ( BROS ) guided for total system shop openings in 2023 of at least 150, of which at least 130 shops will be company-operated.
Shares of BROS fell 5.25% in postmarket trading on Wednesday to land at $30.75.
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Dutch Bros slips after revenue soars in Q1 but misses consensus mark