Dutch Bros Inc (NYSE:BROS) shares are trading lower in Wednesday’s after-hours session after the company reported mixed fourth-quarter results.
What Happened: Dutch Bros said fourth-quarter revenues increased 44.1% year-over-year to $201.8 million, which beat consensus estimates of $195.76 million. The fast-growing Starbucks Corp (NASDAQ: SBUX) competitor reported quarterly earnings of just 3 cents per share, which missed estimates of 7 cents per share.
Dutch Bros opened 30 new stores during the fourth quarter bringing total new store openings up to 133 for the year.
“For the third consecutive year, we have exceeded our new shop development targets, doubling our shop count since March 2019, despite unprecedented disruption to communities and the economy,” said Joth Ricci, CEO of Dutch Bros.
“This year, we are targeting 150 new systemwide shops, which will enable us to achieve our five-year goal of 800 systemwide shops by year-end. Additionally, we expect to be within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025,” he added.
Dutch Bros expects full-year 2023 revenue to be between $950 million and $1 billion versus estimates of $980.63 million. Full-year adjusted EBITDA is expected to be approximately $125 million.
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BROS Price Action: Dutch Bros shares are down 7.56% after hours at $35.10 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Dutch Bros.
