Coffee chain Dutch Bros. Inc. plans to open at least 130 new locations next year, enabling the fast-growing chain to reach its goal of 800 shops by the end of 2023.
In its most recent earnings release, the company noted it opened a record 38 locations (of which 34 were company-operated) across 11 states during the third quarter, reports Chain Store Age. Dutch Bros has opened at least 30 shops in five consecutive quarters.
“We expect to cap off our first full year as a public company by reaching our 2022 development target of at least 130 new shops,” said president and CEO John Ricci.
Dutch Bros. went public in September 2021. The company said in its filing at the time that it hopes to eventually have 4,000 shops, with the majority of its growth to be company-owned locations, reports CSA.
Dutch Bros’ total revenue in the third quarter grew 53.0% to $198.6 million. System same-shop sales grew 1.7% over the year-ago period. Net income was $1.6 million as compared to a net loss of $(116.8) million in the same period of 2021.
“Dutch Bros’ portability and brand acceptance remains impressive as we grow from west to east across the country,” said Ricci. “Our 2020 and 2021 classes of new shops are generating annualized volumes that are approximately 10% higher than our system average and are exhibiting predictable and consistent sales performance and upward margin progression."