GRANTS PASS, Ore., USA – Dutch Bros Inc. has reported preliminary development and same shop sales results for the fourth quarter and full year ended December 31, 2021. The Company also announced it is hosting a fireside chat at the 24th Annual ICR Conference, which is being held virtually, January 10 – 12, 2022, and participating in the Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit, which is being held virtually, January 24 – 25, 2022.
Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “I am pleased to report our strong finish in the fourth quarter that capped off an excellent 2021. Across our system, we opened 98 shops last year, surpassing our previous development guidance of 92, and entered three new states: Texas, Oklahoma, and Kansas. Our 2020 and 2021 shop classes are performing at or above our volume expectations and within our margin expectations. In its inaugural year, Dutch Rewards grew to 3.2 million registered members as of December 31, adding 500,000 members during the fourth quarter.”
Ricci added, “Across all of our markets, we experienced strong same shop sales momentum in the fourth quarter, growing 10.1% and totaling 8.4% for the year. We therefore expect fourth quarter revenue to exceed the upper end of the previously provided guidance, with mature shop level margins in line with expectations. We have great confidence in our new unit development pipeline and are increasing our systemwide new shop development expectations to 125 shops in 2022, up from our prior guidance of 112 shops.”
Ricci continued, “Consistent with our experience in the third quarter, thankfully the fourth quarter did not present significant outages in operating hours due to staffing shortages, reinforcing our belief in the strength of our culture and operating model. As we approach our 30th anniversary, 2022 is already shaping up to be exciting for Dutch Bros, and we look forward to introducing more customers to the Dutch Bros brand and having the opportunity to serve them.”
Preliminary Fourth Quarter 2021 Development and Same Shop Sales Highlights:
- Opened 35 new shops, of which 30 were company-operated, including our entrances into Texas, Oklahoma, and Kansas.
- System same shop sales grew 10.1% in the fourth quarter and 15.3% on a two-year basis. Company-operated same shop sales grew 11.5% in the fourth quarter and 17.3% on a two-year basis.
Preliminary Full Year 2021 Development and Same Shop Sales Highlights:
- Opened 98 new shops, of which 82 were company-operated, including our entrances into Texas, Oklahoma, and Kansas.
- System same shop sales grew 8.4% for the full year 2021 and 10.3% on a two-year basis. Company-operated same shop sales grew 9.0% for the full year 2021 and 11.1% on a two-year basis.
As of December 31, 2021, the Dutch Bros system consisted of 538 shops (271 company-operated and 267 franchised-operated) across 12 states.
ICR Conference and Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit Participation
Joth Ricci, Chief Executive Officer and President, and Charles Jemley, Chief Financial Officer, will host a fireside chat at the 24th Annual ICR Conference on Tuesday, January 11, 2022 beginning at 9:30 AM Eastern Time. The fireside chat will be available on our website https://investors.dutchbros.com under “Events & Presentations” and will be archived on the site shortly after it has concluded. The Company will host meetings with institutional investors on January 10 – January 12, 2022.
The Company will also host virtual meetings with institutional investors at the Jefferies Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit on January 24 – 25, 2022.
