By Jarrett Banks
Dutch Bros Inc. (NYSE: BROS) said 2022 revenue grew nearly 50% to $739 million as the coffee chain exceeded new shop development targets.
The company opened 30 new stores during the fourth quarter, bringing total new store openings up to 133 for the year, it said.
Dutch Bros expects full-year 2023 revenue to be between $950 million and $1 billion. Full-year adjusted EBITDA is expected to be approximately $125 million.
“For the third consecutive year, we have exceeded our new shop development targets, doubling our shop count since March 2019, despite unprecedented disruption to communities and the economy,” said CEO Joth Ricci. “This year, we are targeting 150 new systemwide shops, which will enable us to achieve our five-year goal of 800 systemwide shops by year-end. Additionally, we expect to be within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025.”