Driven Brands Holdings reports strong first quarter results - Professional Carwashing & Detailing

Driven Brands Holdings reports strong first quarter results

CHARLOTTE, N.C. — Revenue increased 20% powered by 9% same-store sales growth and 7% net store growth.

CHARLOTTE, N.C. — Driven Brands Holdings Inc. reported in a press release its financial results for the first quarter ended April 1, 2023.

For the first quarter, Driven Brands delivered revenue of $562.5 million, up 20% versus the prior year.

System-wide sales were $1.5 billion, up 19% versus the prior year driven by 9% same-store sales growth and 7% net store growth.

Net Income decreased 14% versus the prior year to $29.7 million or $0.17 per diluted share. 

Adjusted Net Income1 decreased 11% to $42.3 million or $0.25 per diluted share1, while Adjusted EBITDA1 increased 8% to $127.8 million.

“Our team delivered another quarter of strong results and market share growth powered by our differentiated customer value proposition in a needs-based service category. Our proven playbook, track record of execution and pipeline for new store development provide strong line of sight into future growth. We are leveraging our scale and network benefits across our diversified platform to capitalize on the continued momentum in our business,” said Jonathan Fitzpatrick, president and chief executive officer. “We continue to be well positioned to deliver sustainable, profitable long-term growth providing more services to more customers.”  

First Quarter 2023 Highlights
Comparisons are first quarter of 2023 ended April 1, 2023, versus first quarter of 2022 ended March 26, 2022, unless otherwise noted.

Revenue increased 20% to $562.5 million, driven by same-store sales and net store growth.

Consolidated same-store sales increased 9%.

The company added 59 net new stores during the quarter.

Net Income decreased 14% to $29.7 million or $0.17 per diluted share.

Adjusted Net Income1 decreased 11% to $42.3 million or $0.25 per diluted share1.

Adjusted EBITDA1 increased 8% to $127.8 million.

More details from the report can be found here.

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