Driven Brands reports strong Q3 results

Driven Brands reports strong Q3 results

CHARLOTTE, N.C. — The company increased revenue, operating profit and guidance.

CHARLOTTE, N.C. — Driven Brands Holdings Inc. recently reported financial results for the third quarter ended Sept. 24, 2022, according to a press release.

For the third quarter, revenue increased 39% versus the prior year to $516.6 million.

System-wide sales increased 22% versus the prior year to $1.5 billion, with 9% net store growth and an increase in consolidated same-store sales of 11.9%.

Net Income increased 16% versus the prior year to $38.4 million or $0.23 per diluted share in the third quarter.

Adjusted Net Income increased 26% to $55.0 million or $0.32 per diluted share.

“We continue to have solid momentum entering the fourth quarter, building on our strong performance year-to-date. We are growing, taking share and generating cash, leveraging our proven playbook for growth with a robust pipeline of franchise and greenfield openings,” said Jonathan Fitzpatrick, Driven Brands president and CEO. “The benefits of our scale and breadth of our offering deepen our competitive moat and differentiate our business, driving unit expansion, same store sales growth, and cost savings. Our continued execution combined with the strength of our business model gives us confidence that we are on track to meet or exceed our long-term plan.” 

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