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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.
Driven Brands
Driven Brands
Driven Brands Revenue by Segment
Revenue by Segment
Franchise royalties and fees Revenue
CapyFin.comCompany-operated store sales Revenue
CapyFin.comIndependently-operated store sales Revenue
CapyFin.comAdvertising contributions Revenue
CapyFin.comSupply and other Revenue
CapyFin.com 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