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Driven Brands Holdings Inc. reports strong first quarter results

For the first quarter, Driven Brands delivered revenue of $562.5 million, up 20 percent versus the prior year.

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Driven Brands Holdings Inc. reports strong first quarter 2023 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

Driven Brands Holdings Inc. (NASDAQ: DRVN) 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. Adjusted Net Income1 decreased 11 percent to $42.3 million or $0.25 per diluted share1, while Adjusted EBITDA1 increased 8 percent to $127.8 million.

“Our team delivered another quarter of strong results and market share growth powered by our differentiated customer value proposition in a needs-based service category.

“Our proven playbook, track record of execution and pipeline for new store development provide strong line of sight into future growth. We are leveraging our scale and network benefits across our diversified platform to capitalize on the continued momentum in our business," said Jonathan Fitzpatrick, President and Chief Executive Officer. "We continue to be well positioned to deliver sustainable, profitable long-term growth providing more services to more customers."

First Quarter 2023 Highlights

Comparisons are first quarter of 2023 ended April 1, 2023 versus first quarter of 2022 ended March 26, 2022 unless otherwise noted

  • Revenue increased 20 percent to $562.5 million, driven by same-store sales and net store growth.
  • Consolidated same-store sales increased 9 percent.
  • The Company added 59 net new stores during the quarter.
  • Net Income decreased 14 percent to $29.7 million or $0.17 per diluted share.
  • Adjusted Net Income decreased 11 percent to $42.3 million or $0.25 per diluted share.
  • Adjusted EBITDA increased 8 percent to $127.8 million.

Read the entire press release on our Investor Relations website.

Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted Earnings Per Share are made in a manner consistent with the relevant definitions and assumptions noted herein.

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