United States drive-thru coffee chain Dutch Bros has reported financial results for the fourth quarter and 2024 year.
In the fourth quarter of 2024, Dutch Bros opened 32 new stores, 25 of which were company-operated, across 11 sates.
The company’s total revenues grew 34.9 per cent to US$342.8 million, as compared to $254.1 million in the same period in 2023.
Meanwhile, company-operated shop revenues increased 38.2 per cent to $314.2 million in the fourth quarter of 2024, as compared to $227.4 million in the same period of 2023.
Company-operated shop gross profit was $67.3 million as compared to $42.3 million in the same period of 2023. In the fourth quarter of 2024, company-operated shop gross margin, which includes 110 bps of pre-opening costs, was 21.4 per cent, a year-over-year increase of 280 bps.
As part of its full year 2024 results, the company opened 151 new shops, 128 of which were company-operated, across 18 states.
Dutch Bros total revenues for 2024 grew 32.6 per cent to $1.28 billion as compared to $965.8 million in 2023.
While company-operated shop revenues increased 35.9 per cent to $1.17 billion, as compared to $857.9 million in 2023.
In its initial 2025 guidance, total revenues for the company are estimated to be between $1.555 billion and $1.575 billion. Meanwhile, total system shop openings in 2025 are estimated to be at least 160, while capital expenditures are estimated to be between $240 million to $260 million.
“We delivered exceptional performance in the fourth quarter as we ended 2024 on a high note,” says Christine Barone, CEO and President of Dutch Bros. “In the quarter, we drove an impressive 35 per cent revenue growth and system same shop sales growth of 6.9 per cent. We believe our brand is resonating with customers, as we delivered 2.3 per cent system same shop transaction growth, the largest year-over-year increase in over two years.
“Our efforts to develop our foundational transaction drivers – innovation, paid media, and our Dutch Rewards loyalty program – are working. We believe these efforts are contributing to current momentum and that there is considerable runway for further growth. Additionally, we see a clear path forward with multi-year transaction driving initiatives that layer on top of this foundation with opportunity to unlock throughput and ramp mobile order in 2025. In 2026 and beyond, we are excited about opportunities with expanding our food offerings.”
