By Exec Edge Editorial Staff
Dutch Bros Inc. (NYSE: BROS) coffee chain reported a 30% rise in first quarter sales and reiterated its full-year guidance.
Joth Ricci, Chief Executive Officer of Dutch Bros, stated, “We also saw meaningful margin expansion, driven by significant improvements in labor efficiency and G&A leverage. We doubled down in our pursuit of more profitable growth and delivered strong company-operated shop margins. I’m proud of how our teams responded quickly and decisively to the economic climate, demonstrated by their focused effort on accelerating profitability as we grow our shop footprint.”
The Oregon-based company said it opened 45 new shops, 42 of which were company-operated, across 9 states. All of these new shops continue to be led by existing or newly-promoted regional operators.