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Mar 30, 2024
Driven Brands Q1 2024 Earnings Report
Driven Brands' Q1 2024 performance saw revenue increase, driven by same-store sales growth and net new unit additions.
Key Takeaways
Driven Brands reported a 2% increase in revenue to $572 million for Q1 2024. System-wide sales increased by 7% to $1.6 billion, driven by 0.7% same store sales growth and 144 net new units. Net income was $4.3 million, and Adjusted EBITDA was $131.0 million, up 6% versus the prior year.
Driven Brands achieved its 13th consecutive quarter of same store sales growth.
Maintenance segment delivered 5% same store sales growth, driven by 7% growth in Take 5 Oil Change.
The company reaffirms its financial outlook for fiscal year 2024.
Gary W. Ferrera, Chief Financial Officer, will step down, and Joel Arnao has been appointed as interim Chief Financial Officer.
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
Driven Brands reaffirms its financial outlook for fiscal year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income