Dutch Bros raises FY24 revenue view to $1.255B-$1.260B, consensus $1.23

Prior guidance was $1.215 billion to $1.230 billion. Total system shop openings in 2024 are now expected to be 150, consistent with the previously communicated outlook at the lower end of 150 to 165. Capital expenditures are estimated to be between $245 million to $265 million, down from the prior range of $270 million to $290 million. Same shop sales1 growth for 2024 is expected to be approximately 4.25%, from low single digits previously. Same shop sales1 growth for the fourth quarter of 2024 is expected to be between 1% and 2%. Adjusted SG&A is estimated to be between $195 million and $200 million, from $190 million to $200 million previously. Adjusted EBITDA3 is now estimated to be between $215 million and $220 million, up from the prior range of $200 million to $210 million.