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Dec 31, 2022
Valvoline Q1 2023 Earnings Report
Valvoline's first quarter results were reported, showing sales growth and strategic progress.
Key Takeaways
Valvoline reported a 16% increase in sales from continuing operations, reaching $332.8 million, and an 11.9% increase in system-wide same store sales. The company added a net total of 31 stores, with 23 being company-operated and 8 franchised, bringing the total system-wide store count to 1,746. The sale of the Global Products business is expected to close in early calendar year 2023, with plans to repurchase shares using $1.6 billion of the net cash proceeds.
Sales from continuing operations grew by 16% to $332.8 million.
System-wide same store sales increased by 11.9%.
Net store additions totaled 31, expanding the system-wide store count to 1,746.
Fiscal year 2023 guidance for continuing operations adjusted EBITDA is reaffirmed at $370 million - $390 million.
Valvoline
Valvoline
Forward Guidance
Valvoline anticipates accelerated earnings growth in the balance of fiscal 2023, expecting 14% to 18% top line growth and adjusted EBITDA of $370 million to $390 million. Focus will be on increasing same-store sales, expanding the store network with increased franchise growth, and developing new services.
Positive Outlook
- Anticipate accelerated earnings growth in the balance of fiscal 2023
- Expects 14% to 18% top line growth
- Expects to deliver adjusted EBITDA of $370 million to $390 million for fiscal 2023
- Focus on increasing same-store sales
- Focus on expanding store network, including an increased focus on accelerating franchise growth