The fast-growing drive-thru coffee chain is on track to open at least 150 new shops this year. It opened 39 new locations across 11 states – including its first ever in Alabama and Kentucky – during the quarter, for a total count of 794 stores in 16 states as of 30 September.
It has since passed the 800 stores mark and of the 39 new sites that were opened in this period, 37 were operated by the company.
On Dutch Bros’ earnings call, CEO Joth Ricci said the company will continue to “confidently pursue high-quality investments in new shops on our path toward 4,000” [shops]. Ricci, who has served as CEO since January 2019, will depart at the end of the year. He will be succeeded by Christine Barone, who has served as Dutch Bros President since February 2023, effective 1 January.
“By all accounts, Q3 was a fantastic quarter and we are extremely pleased with our unit openings, same shop sales, revenue and profitability results,” said Ricci. “I am encouraged by the strength of the underlying business as we execute on our plan. Despite a difficult consumer backdrop, we drove a four per cent increase in system-wide same-shop sales and delivered 33 per cent growth in our top-line revenue.”
