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Apr 01, 2023
Driven Brands Q1 2023 Earnings Report
Driven Brands reported strong first-quarter results, with revenue increasing by 20% driven by same-store sales growth of 9% and net store growth of 7%.
Key Takeaways
Driven Brands Holdings Inc. reported a 20% increase in revenue to $562.5 million for the first quarter, driven by a 9% increase in same-store sales and a 7% increase in net store growth. Net income decreased by 14% to $29.7 million, or $0.17 per diluted share. The company reaffirms its fiscal year 2023 guidance.
Revenue increased 20 percent to $562.5 million, driven by same-store sales and net store growth.
Consolidated same-store sales increased 9 percent.
The Company added 59 net new stores during the quarter.
Net Income decreased 14 percent to $29.7 million or $0.17 per diluted share.
Revenue by Segment
Forward Guidance
The Company reiterates its expectations for fiscal year 2023 reflecting continued market shares gains driven by both robust same-store sales and net store growth:
Positive Outlook
- Revenue of approximately $2.35 billion.
- Adjusted EBITDA1 of approximately $590 million.
- Adjusted Earnings Per Share1 of approximately $1.21.
- The Company has not included future M&A in its guidance for fiscal year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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