US-based drive-through coffee company Dutch Bros has reported a net income of $13.4m for the third quarter of 2023, a surge of 740% compared to $1.59m a year ago.
For the quarter ended 30 September 2023, total revenues were $264.5m, a jump of 33.2% compared with $198.6m in the year-ago..
During the quarter, the company’s system same-shop sales rose 4%. Its company-operated same-shop sales increased 2.8% compared to the corresponding period of last year.
Company-operated shop revenues were $236.5m, an increase of 36.3% compared to $173.5m a year earlier.
Dutch Bros’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $53m, a surge of 90.5% compared to $27.8m last year.
The company opened 39 new shops during the quarter, bringing its total shop count to 794 as of 30 September 2023.
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Dutch Bros CEO Joth Ricci said: “By all accounts, Q3 was a fantastic quarter and we are extremely pleased with our unit openings, same shop sales, revenue and profitability results.
“I am very proud of the team for their accomplishments and I am encouraged by the strength of the underlying business as we execute on our plan.
“In Q3, we opened 39 shops systemwide and entered two new states: Alabama and Kentucky. Despite a difficult consumer backdrop, we drove a 4.0% increase in systemwide same-shop sales and delivered 33% growth in our top-line revenue.”