Dutch Bros beats 2021 shop development guidance, raises 2022 outlook to 125 shops; Q4 same shop sales up 10.1%

Dutch Bros Inc.

Opened 98 shops in 2021 (vs guidance of 92); 2022 target raised to 125 from prior 112.
Q4 system same shop sales +10.1% YoY, company-operated +11.5%; full year +8.4% system, +9.0% company-operated.
Q4 revenue expected to exceed prior guidance upper end; mature shop margins in line with expectations.
Dutch Rewards grew to 3.2M registered members as of Dec 31, adding 500K in Q4.
System total 538 shops (271 company-operated, 267 franchised); no significant staffing outages in Q4.

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