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

Prior guidance was $1.215B-$1.230B. 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 $245M-$265M, down from the prior range of $270M-$290M. Same shop sales growth for 2024 is expected to be approximately 4.25%, from low single digits previously. Same shop sales growth for Q4 is expected to be between 1%-2%. Adjusted SG&A is estimated to be between $195M-$200M, from $190M-$200M previously. Adjusted EBITDA is now estimated to be between $215M-$220M, up from the prior range of $200M-$210M.