By Exec Edge Editorial Staff
Dutch Bros Inc. (NYSE: BROS) coffee chain reported a sharp increase in revenue in the second quarter and raised its revenue guidance for the full year.
Revenue rose 44% at $186.4 million in the quarter from a year earlier, the company said in a statement. Total revenue for the year is now projected to be at least $715 million from $700 million, it said.
The company opened 65 shops in the first half of 2022 and is on track for at least 130 shop openings by end of year. The chain opened its 600th shop in the quarter and exceeded $1 billion in systemwide sales on a trailing twelve-month basis.
“Our newest shops are exhibiting predictable and consistent sales and upward margin progression, while our 2020 and 2021 classes are generating annualized volumes that are 10% higher than our system average,” said Joth Ricci, Chief Executive Officer and President. “As we pursue strategic growth from west to east, Dutch Bros’ portability and brand acceptance have been outstanding.”