© Reuters. Dutch Bros Shares Plunge Over 30% on Q1 Earnings Miss
Dutch Bros Inc (NYSE:) shares plunged around 30% after-hours following the company reporting , with EPS of ($0.1) coming in worse than the consensus estimate of $0.01. Revenue grew 54% year-over-year to $152.2 million, compared to the consensus estimate of $145.63 million. The revenue growth was driven by 107 company-operated shops opened over the past twelve months, including 34 during Q1.
According to Joth Ricci, CEO and President of Dutch Bros, the company took a more conservative stance regarding adjusted EBITDA guidance for 2022 given pressured margins due to record inflation, while noting it believes these margin impacts may be short-term.
The company expects Q2/22 total shop openings to be at least 30 (nearly all shops will be company-operated) and same shop sales growth to be flat to slightly negative given macro-economic headwinds impacting consumer discretionary income and gas prices.
For the full 2022-year, the company expects total shop openings to increase to at least 130 (at least 110 shops will be company-operated) and same shop sales growth to be approximately flat.
Shares of Dutch Bros were already down 33% year-to-date going into the results.
By Davit Kirakosyan
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