American drive-through coffee chain Dutch Bros has reported a net income of $16.2m for the first quarter (Q1) of 2024 as against a net loss of $9.4m a year previously.
For the quarter ended 31 March 2024, total revenues surged by 39.5% to $275.1m from $197.26m in Q1 2023.
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Dutch Bros’ company-operated shops generated revenue of $248.1m, a jump of 43.3% over $173.2m in 2023’s Q1.
The coffee chain’s total costs and expenses for the period were $249.5m, up 26.3% compared with $197.5m a year previously.
Adjusted earnings before interest, taxes, depreciation and amortisation soared by 120% to $52.5m from $23.9m in Q1 2023.
After adjustments for non-controlling interests, the net income attributable to Dutch Bros’ shareholders was $7.06m, recovering from Q1 2023’s $3.8m loss.
The company also expanded its footprint during the quarter by opening 45 new shops across 14 states, with 40 company-operated.
Dutch Bros CEO and president Christine Barone said: “We are pleased with our performance in the first quarter – we delivered exceptional results and witnessed the momentum we saw leaving 2023 continue into Q1. Headlining Q1 performance was 10% system same-shop sales growth, the strongest single quarter since Q4 2021, and 39% year-on-year growth in revenue to $275m.
“These outstanding top-line metrics were underpinned by excellent margin flowthrough. Given this strong start to 2024, and despite a continued volatile economic backdrop for the consumer, we are comfortable raising our guidance for the year.”
Dutch Bros has revised its forecast for 2024 and projects a total of between 150 and 165 system shop openings.
Revised revenue expectations for the full year 2024 are now set between $1.2bn and $1.215bn, a slight increase from the previous forecast of $1.19bn to $1.205bn. Capital expenditures are expected to stay within a $280m to $320m range.
