Dutch Bros Inc. Outlined Long-Term Growth Strategy at Inaugural Investor Day
Dutch Bros (NYSE: BROS) hosted its inaugural Investor Day, announcing significant expansion plans and business updates. The company revealed an expanded total addressable market of 7,000+ system shops nationwide and set an ambitious goal of reaching 2,029 shops by 2029.
The company reported strong Q1 2025 performance with system same shop sales increasing 4.6% through March 24th, opening 27 shops with up to 3 additional locations planned for the quarter. Dutch Bros reiterated its long-term growth targets, including ~20% annual revenue growth and 20%+ annual Adjusted EBITDA growth.
Key developments include the appointment of Brian Cahoe as Chief Development Officer and plans to enter the consumer packaged goods market through a partnership with Trilliant Food & Nutrition to launch retail coffee products.
Dutch Bros (NYSE: BROS) ha ospitato il suo primo Investor Day, annunciando piani di espansione significativi e aggiornamenti aziendali. L'azienda ha rivelato un mercato totale indirizzabile ampliato di oltre 7.000 negozi a livello nazionale e ha fissato un obiettivo ambizioso di raggiungere 2.029 negozi entro il 2029.
L'azienda ha riportato una forte performance nel Q1 2025, con un aumento delle vendite a negozio comparabile del 4,6% fino al 24 marzo, aprendo 27 negozi con fino a 3 ulteriori posizioni pianificate per il trimestre. Dutch Bros ha ribadito i suoi obiettivi di crescita a lungo termine, inclusi circa il 20% di crescita annuale dei ricavi e oltre il 20% di crescita annuale dell'EBITDA rettificato.
Tra gli sviluppi chiave c'è la nomina di Brian Cahoe come Chief Development Officer e i piani per entrare nel mercato dei beni di consumo confezionati attraverso una partnership con Trilliant Food & Nutrition per lanciare prodotti di caffè al dettaglio.
Dutch Bros (NYSE: BROS) celebró su primer Investor Day, anunciando planes de expansión significativos y actualizaciones comerciales. La empresa reveló un mercado total direccionable ampliado de más de 7,000 tiendas en todo el país y estableció un objetivo ambicioso de alcanzar 2,029 tiendas para 2029.
La compañía reportó un sólido desempeño en el Q1 2025, con un aumento en las ventas en tiendas comparables del 4.6% hasta el 24 de marzo, abriendo 27 tiendas con hasta 3 ubicaciones adicionales planeadas para el trimestre. Dutch Bros reiteró sus objetivos de crecimiento a largo plazo, incluyendo aproximadamente un 20% de crecimiento anual en ingresos y más del 20% de crecimiento anual en EBITDA ajustado.
Los desarrollos clave incluyen el nombramiento de Brian Cahoe como Director de Desarrollo y planes para ingresar al mercado de bienes de consumo empaquetados a través de una asociación con Trilliant Food & Nutrition para lanzar productos de café al por menor.
더치 브로스 (NYSE: BROS)는 첫 투자자 데이를 개최하고, 중요한 확장 계획과 비즈니스 업데이트를 발표했습니다. 이 회사는 7,000개 이상의 시스템 매장이라는 확대된 총 주소able 시장을 공개하고, 2029년까지 2,029개 매장에 도달하는 것을 목표로 설정했습니다.
회사는 2025년 1분기 강력한 실적을 보고하며, 3월 24일까지 시스템 동종 매장 판매가 4.6% 증가하고, 27개 매장을 열며 분기 중 최대 3개의 추가 매장 계획을 세웠습니다. 더치 브로스는 연평균 약 20%의 매출 성장과 20% 이상의 연간 조정 EBITDA 성장을 포함한 장기 성장 목표를 재확인했습니다.
주요 개발 사항으로는 브라이언 카호를 최고 개발 책임자로 임명하고, Trilliant Food & Nutrition과의 파트너십을 통해 소매 커피 제품을 출시하며 소비재 시장에 진입할 계획이 포함됩니다.
Dutch Bros (NYSE: BROS) a organisé sa première Journée des Investisseurs, annonçant des plans d'expansion significatifs et des mises à jour commerciales. L'entreprise a révélé un marché adressable total élargi de plus de 7 000 magasins à l'échelle nationale et a fixé un objectif ambitieux d'atteindre 2 029 magasins d'ici 2029.
L'entreprise a rapporté de solides performances au premier trimestre 2025, avec une augmentation des ventes en magasins comparables de 4,6 % jusqu'au 24 mars, ouvrant 27 magasins et prévoyant jusqu'à 3 emplacements supplémentaires pour le trimestre. Dutch Bros a réaffirmé ses objectifs de croissance à long terme, notamment environ 20 % de croissance annuelle des revenus et plus de 20 % de croissance annuelle de l'EBITDA ajusté.
Les développements clés incluent la nomination de Brian Cahoe en tant que directeur du développement et des plans pour entrer sur le marché des biens de consommation emballés grâce à un partenariat avec Trilliant Food & Nutrition pour lancer des produits de café de détail.
Dutch Bros (NYSE: BROS) veranstaltete seinen ersten Investor Day und kündigte bedeutende Expansionspläne und Unternehmensupdates an. Das Unternehmen gab einen erweiterten adressierbaren Markt von über 7.000 Systemgeschäften landesweit bekannt und setzte sich das ehrgeizige Ziel, bis 2029 insgesamt 2.029 Geschäfte zu erreichen.
Das Unternehmen berichtete von einer starken Leistung im Q1 2025, wobei die vergleichbaren Verkäufe im System um 4,6% bis zum 24. März gestiegen sind und 27 Geschäfte eröffnet wurden, mit bis zu 3 weiteren Standorten, die für das Quartal geplant sind. Dutch Bros bekräftigte seine langfristigen Wachstumsziele, einschließlich ca. 20% jährliches Umsatzwachstum und über 20% jährliches bereinigtes EBITDA-Wachstum.
Zu den wichtigsten Entwicklungen gehört die Ernennung von Brian Cahoe zum Chief Development Officer sowie die Pläne, durch eine Partnerschaft mit Trilliant Food & Nutrition in den Markt für verpackte Konsumgüter einzutreten, um Einzelhandelskaffeeprodukte einzuführen.
- Strong Q1 2025 performance with 4.6% same shop sales growth and positive traffic
- Significant expansion potential with 7,000+ total addressable market identified
- Clear growth trajectory with 27 new shops opened in Q1 2025
- Strategic entry into retail market through consumer packaged goods partnership
- Experienced leadership addition with new Chief Development Officer from KFC
- Expected Q1 2025 Adjusted SG&A expenses of approximately $56 million
- Substantial capital requirements needed to achieve 2,029 shops by 2029 goal
Insights
Dutch Bros' investor day reveals a robust growth strategy with an ambitious shop expansion plan and strong financial metrics. The 4.6% same-shop sales growth with positive traffic in Q1 demonstrates healthy consumer demand and operational execution despite challenging industry conditions.
The company's expanded total addressable market of 7,000+ locations represents a substantial opportunity compared to their current footprint of approximately 1,000 shops. Their goal of 2,029 shops by 2029 implies an accelerated annual shop growth rate exceeding their stated mid-teens target, requiring efficient capital allocation and strong operational systems to maintain consistency at scale.
The reiterated long-term financial algorithm targets ~20% annual revenue growth with Adjusted EBITDA growth of 20%+, indicating margin expansion through operational leverage. Their new company-operated shop contribution margin goal of ~30% is particularly noteworthy - this represents excellent unit economics for the QSR beverage sector and suggests confidence in sustainable store-level profitability.
The entry into consumer packaged goods creates a complementary revenue stream that could enhance brand awareness while driving incremental revenue, though execution will be critical as this represents a distinct business model requiring different capabilities and partnerships.
The strategic hiring of Brian Cahoe as Chief Development Officer brings valuable expertise from KFC's development team, essential for executing their accelerated growth plans while maintaining site quality and operational standards across new markets.
Dutch Bros' expansion strategy reflects a carefully calibrated approach to scaling in the competitive beverage segment. Their target of 2,029 shops by 2029 requires opening approximately 250 locations annually - a significant acceleration from current pace that will demand exceptional real estate selection, construction management, and market development capabilities.
The expanded TAM of 7,000+ locations suggests penetration potential beyond urban cores into suburban and potentially smaller market areas. This represents approximately 2× Starbucks' current U.S. footprint, indicating Dutch Bros believes their differentiated offering and drive-thru focused model can succeed in markets where larger competitors already operate.
Opening 27 shops in less than one quarter (with 3 more planned) indicates their development pipeline is already accelerating, which supports confidence in their expansion goals. However, maintaining quality site selection and avoiding cannibalization will become increasingly challenging as penetration increases.
The CPG market entry represents a strategic complement to physical expansion, potentially giving Dutch Bros presence in markets before shop development while creating brand awareness. The partnership with Trilliant, an established beverage manufacturer, suggests a measured approach leveraging external expertise rather than attempting vertical integration.
Brian Cahoe's appointment brings valuable multi-unit expansion experience from KFC's extensive development program - particularly important as Dutch Bros will need to develop increasingly sophisticated trade area analyses, real estate partnerships, and construction processes to support this acceleration while maintaining their distinctive brand experience and culture.
Expanded Total Addressable Market to 7,000+ System Shops Nationwide
Set Goal of 2,029 System Shops in 2029
Reiterated Prior Long-Term Growth Algorithm; Issued New Long-Term Company-Operated Shop Contribution Margin Goal
Announced Appointment of Brian Cahoe as Chief Development Officer
“We are pleased to deliver quarter-to-date Q1 same shop sales above our expectations, supported by positive traffic and strong business momentum. This positive trend is a testament to the strength of our brand and the dedication of our team,” said Christine Barone, Chief Executive Officer and President of Dutch Bros. “Last month, we proudly opened our 1,000th shop, and with a strong roadmap ahead, we are focused on our bold goal of reaching 2,029 shops in 2029. Led by field operations teams deeply rooted in our culture and hungry to grow, and supported by a leadership team with complementary skills and firsthand knowledge of scale, we are well positioned to deliver sustainable, long-term value while staying true to our mission of making a massive difference, one cup at a time.”
First Quarter 2025 Update and Guidance
- System shop openings totaled 27 shops through March 24th, with up to 3 additional shops expected to open through the end of the quarter.
-
System same shop sales1 increased
4.6% through March 24th, relative to the comparable period in 2024.
-
Adjusted selling, general and administrative expenses2 (“Adjusted SG&A”) are expected to be approximately
$56 million
| _________________ | |
1 |
Same shop sales represent the estimated percentage change in year-over-year sales for the comparable shop base, which we define as shops open for 15 months or longer as of the first day of the reporting period. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. Management uses these metrics as an indicator of shop growth and future expansion strategy. |
2 |
Adjusted SG&A is a non-GAAP financial measure. We have not reconciled guidance for Adjusted SG&A to the corresponding |
Reiterated Prior Long-Term Growth Algorithm
The Company reiterated its long-term revenue growth and Adjusted EBITDA growth algorithm and added a long-term company-operated shop contribution margin goal:
-
Annual Revenue Growth of ~
20% supported by annual new shop growth in the mid-teens and low-single digit same shop sales growth.
-
Annual Adjusted EBITDA Growth of
20% +, in excess of the Company’s annual revenue growth rate goal, driven by continued progress in Adjusted SG&A leverage.
-
Company-Operated Shop Contribution Margin to approach goal of ~
30% while maintaining this level to support long-term shop-level investments.
Total Addressable Market Update
The Company updated its total addressable market and set a new development goal:
- Total Addressable Market elevated for system shop openings to 7,000+.
- Goal of 2,029 system shops in 2029.
Executive Team Hiring Update
In Q1, Dutch Bros further strengthened its leadership team with the appointment of Brian Cahoe as Chief Development Officer. In this role, Cahoe is responsible for overseeing the Company’s new shop growth and development strategy. He brings nearly 25 years of experience in the quick service restaurant industry, most recently serving as Chief Development Officer for KFC
Entry Into Consumer Packaged Goods Market
In a separate press release issued today, the Company announced its plans to enter the consumer packaged goods market. In partnership with Trilliant Food & Nutrition, LLC, Dutch Bros plans to launch a line of packaged coffee and related products to be sold in retail outlets.
About Dutch Bros Inc.
Dutch Bros Inc. (NYSE: BROS) is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in
To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, X, and TikTok, and download the Dutch Bros app to earn points and score rewards!
Dutch Bros, our Windmill logo, Dutch Bros Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this press release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.
Forward-Looking Statements
In addition to historical information, this release contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Dutch Bros’ projected total addressable market, the success of Dutch Bros’ executive transition strategies, estimated capital expenditures, benefits from Dutch Bros’ anticipated entry into the consumer packaged goods market, Dutch Bros’ possible or assumed future results of operations, including guidance for the first quarter of 2025, business strategies, growth goals, including with regard to new shop openings, annual revenue, adjusted EBITDA, and company-operated shop contribution margin, and potential growth opportunities. These statements are based on Dutch Bros’ current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “anticipates”, “estimates,” “project,” “expects,” “should,” “guidance,” “goal,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros’ control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those related to increased customer use of Dutch Bros’ mobile order capabilities and the Dutch Rewards loyalty program, general economic conditions, commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees, the availability of suitable new shop sites and our ability to negotiate acceptable agreements regarding the new shop sites, and other risks, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 13, 2025, and in our future reports to be filed with the SEC. Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327574810/en/
For Investor Relations inquiries:
Jeff Priester
ICR
(332) 242-4370
investors@dutchbros.com
For Media Relations inquiries:
Jessica Liddell
ICR
(203) 682-8208
jessica.liddell@icrinc.com
Source: Dutch Bros Inc.
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