US-based drive-through coffee company Dutch Bros has reported a net income of $9.7m for the second quarter of 2023, compared to a net loss of $1.75m in the same period a year ago.
For the quarter ended 30 June 2023, the company’s total revenues were $249.9m, an increase of 34.1% versus $186.4m a year ago.
Its system same-shop sales rose by 3.8% while the company-operated same-shop sales grew by 1.6% compared to the same quarter year ago.
During the period under review, the company-operated shop revenues were $221m, an increase of 37.7% compared to $160.5m a year earlier.
Dutch Bros’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $48.6m, a surge of 103% compared to $23.9m last year.
The drive-through coffee company opened 38 new shops during this quarter and increased its total shop count to 754 as of 30 June 2023.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
In the second quarter, the company opened 38 new shops across eight US states, of which 35 were company-operated.
Dutch Bros CEO Joth Ricci said: “In Q2, we delivered 34% year over year revenue growth, driven by new shop openings and 3.8% systemwide same shop sales growth. Within the quarter, we continued to see meaningful company-operated shop margin expansion, driven by significant labour efficiency improvement.
“This speaks to the benefit of our company-operated model as we were able to effect changes across our shops and then directly benefit from those changes.
“In Q2, we continued to see general and administrative leverage, which taken together with our growing shop margins, demonstrates our commitment to profitable growth.”
Additionally, Dutch Bros has appointed its current president Christine Barone as its new CEO.
Barone, whose appointment is effective 1 January 2024, will replace Joth Ricci.