By Exec Edge Editorial Staff
Dutch Bros Inc. (NYSE: BROS) said it had record revenue of $265 million in the third quarter, a 33% increase from a year earlier.
The coffee chain opened 39 new systemwide shops in the quarter, and now operates in 16 states, it said.
The company updated its guidance for adjusted EBITDA to between $150 million to $155 million, up $15 million from last quarter. It also added two new members of its Board of Directors, C. David Cone and Sean Sullivan.
“Despite a difficult consumer backdrop, we drove a 4.0% increase in systemwide same shop sales and delivered 33% growth in our top-line revenue,” said CEO Joth Ricci.