Loading...
•
Jul 01, 2023
Driven Brands Q2 2023 Earnings Report
Driven Brands' Q2 2023 performance was marked by a 19% revenue increase, driven by 8% same-store sales growth and 7% net store growth, despite challenges in the Car Wash segment and U.S. glass business.
Key Takeaways
Driven Brands reported a 19% increase in revenue to $606.9 million for Q2 2023, driven by strong same-store sales and net store growth. Net income increased to $37.7 million, compared to a net loss in the prior year. The company is updating its full-year guidance due to weaker than anticipated performance in the Car Wash segment and U.S. glass business.
Revenue increased by 19% to $606.9 million compared to the prior year.
System-wide sales increased by 18% to $1.7 billion versus the prior year.
Net income increased to $37.7 million, or $0.22 per diluted share.
The company added 74 net new stores in the quarter.
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 is updating its fiscal year 2023 guidance based on weaker than anticipated performance in the Car Wash segment and U.S. glass business. Revenue is now expected to be $2.30 billion, Adjusted EBITDA is projected at $535 million, and Adjusted EPS is forecasted at $0.92.
Revenue & Expenses
Visualization of income flow from segment revenue to net income