Driven Brands reports first quarter results
- Delivers strong same-store sales and net store growth
- Reports robust operating income and earnings per share growth
Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the first quarter ended March 26, 2022.
For the first quarter, revenue was $468.3 million, an increase of 42% versus the prior year. System-wide sales were $1.3 billion, an increase of 26% versus the prior year, with 8% net store growth and an increase in consolidated same-store sales of 15.6%.
Earnings per diluted share was $0.20 for the first quarter.
Adjusted earnings per diluted share2 was $0.28, an increase of 47% versus the prior year.
“Driven Brands posted strong first quarter results despite a challenging macroeconomic landscape. Our scale and sophistication allowed us to navigate continued supply chain challenges and an accelerating inflationary environment. This scale and sophistication, coupled with our proven playbook for growth, allowed us to once again outperform expectations,” said Jonathan Fitzpatrick, president and CEO. “This would not be possible without the hard work of the entire team, from our employees to franchisees. Their relentless focus on operational excellence delivered quality results,” Fitzpatrick added.
“We continue to be enthusiastic about fiscal 2022. With our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation engine, our business model remains well-positioned to maximize long-term value for all of our stakeholders.”
First quarter highlights
- Revenue increased 42% versus the prior year, driven by same-store sales and net store growth.
- Consolidated same-store sales increased 15.6% for the quarter, and all segments posted positive same-store sales.
- The Company added 114 net new stores during the quarter.
- Net income in the first quarter was $34.4 million.
- Adjusted Net Income1 was $47.8 million, an increase of 57% versus the prior year.
- Adjusted EBITDA3 was $118.5 million, an increase of 52% versus the prior year.