Shares of drive-through coffee chain Dutch Bros Inc. (BROS) are rising more than 9% Monday morning after the company provided preliminary 2023 revenue outlook, better than estimates. Dutch Bros added that it plans to open 150 new shops this year.
For the full year, the company expects revenue in the range of $950 million to $1 billion. On average, 9 analysts polled by Thomson-Reuters expect the company to report revenue of $974.55 million.
“In 2023, we’re targeting 150 new shops, which positions us to achieve our five-year goal of 800 systemwide shops by year-end. Additionally, we’re within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025, creating jobs and opportunities for our employees and the communities in which we serve,” said Joth Ricci, Chief Executive Officer and President of Dutch Bros.
BROS, currently at $32.42, has traded in the range of $20.05-$66.00 in the last 1 year.
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