Via Exec Edge Editor
Coffee chain Dutch Bros Inc. (NYSE: BROS) reported a 53% increase in third-quarter sales, giving its stock a 5% higher aftermarket.
The Oregon-based company said total revenue rose to $198.6 million from $129.8 million in the same period in 2021. In-store sales rose 1.7 percent year-on-year. for the same period in 2021 and 11.4% on a 3-year cumulative basis.
Joth Ricci, CEO and President of Dutch Bros Inc., said: “We continue to execute on our growth strategy, leveraging our strong team to open new stores and programs. Our proven loyalty program to attract and connect with new and existing customers . In the third quarter, we opened a record 38 stores, increased revenue by more than 50%, and once again expanded the company-run store gross margin compared to the previous quarter. In view, we opened nearly as many stores this quarter than we did in all of 2019 and opened at least 30 stores for five consecutive quarters. Dutch Bros’ mobility and brand acceptance remains impressive as we grow west to east across the country. Our new 2020 and 2021 store classes are generating approximately 10% more annual volume than the system average and are exhibiting consistent and predictable sales performance as well. as the rate of profit increases”.
Dutch Bros has opened 38 new stores, 34 of which are operated by the company, in 11 states. The stores opening in the third quarter of 2022 have reached AU$1.9 million annually.
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