Driven Brands Q1 revenue up 20% to $562.5M, reaffirms FY2023 guidance

Driven Brands Holdings Inc.

2023-Q1 EPS reported $0.17 revenue$562,467,000

Revenue $562.5M (+20% YoY); system-wide sales $1.5B (+19%); same-store sales +9%.
Net income $29.7M (-14% YoY), $0.17 diluted EPS; adjusted net income $42.3M (-11%), $0.25 adj EPS.
Adjusted EBITDA $127.8M (+8% YoY); Car Wash SSS -11.3%, Maintenance +12.6%, Paint/Collision +14.1%.
Added 59 net new stores (7% growth); total store count 4,864.
FY2023 guidance reaffirmed: revenue ~$2.35B, adj EBITDA ~$590M, adj EPS ~$1.21.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Driven Brands Holdings Inc. reported first quarter ended April 1, 2023 results: revenue $562.5 million, net income $29.7 million, EPS $0.17. Guidance reaffirmed.

Period: first quarter ended April 1, 2023
Revenue: $562.5 million
Net income: $29.7 million
EPS: $0.17
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Driven Brands Holdings Inc. Reports Strong First Quarter Results • Revenue increased 20 percent powered by 9 percent same-store sales growth and 7 percent net store growth • Reaffirms fiscal 2023 guidance, reflecting continued market shares gains and resilient needs-based category Charlotte, N.C. (May 3, 2023) - Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the first quarter ended April 1, 2023. For the first quarter, Driven Brands delivered revenue of $562.5 million, up 20 percent versus the prior year. System-wide sales were $1.5 billion, up 19 percent versus the prior year driven by 9 percent same-store sales growth and 7 percent net store growth. Net Income decreased 14 percent versus the prior year to $29.7 million or $0.17 per diluted share.

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Source: SEC EDGAR

accession 0001193125-23-133100

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