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Dec 30, 2023
Driven Brands Q4 2023 Earnings Report
Driven Brands reported a 3% increase in revenue for Q4 2023, driven by a 4% increase in same-store sales.
Key Takeaways
Driven Brands reported a revenue of $553.7 million for Q4 2023, a 3% increase compared to the prior year. System-wide sales increased by 3% to $1.5 billion, driven by a 4% growth in same-store sales. The company reported a net loss of $13.1 million, or $0.08 per diluted share, compared to a net income of $27.4 million, or $0.16 per diluted share, in the prior year. Adjusted EPS was $0.19, a decrease of 24% from the prior year.
Driven Brands delivered revenue of $553.7 million, up 3% versus the prior year.
System-wide sales were $1.5 billion, up 3% versus the prior year driven by 4% same-store sales growth.
Net Loss was $13.1 million or a Net Loss of $0.08 per diluted share versus Net Income of $27.4 million, or $0.16 per diluted share in the prior year.
Adjusted EPS was $0.19, a decrease of 24% from the prior year.
Revenue by Segment
Forward Guidance
Driven Brands expects same-store sales growth of 3% to 5% and net new store growth of approximately 205 to 220.
Positive Outlook
- Same-store sales growth of 3% to 5%
- Net new store growth of approximately 205 to 220
- Maintenance: approximately 165 to 185 stores of which approximately 65% will be franchise and 35% company-operated
- Car Wash: approximately 5 to 10 stores all from the international business
- Paint Collision & Glass: approximately 25 to 35 stores of which approximately 85% will be franchise and 15% company-operated
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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