Driven Brands Reports Consolidated Same-Store Sales Growth 11.9%

For the third quarter of 2022, Driven Brands Holdings reported $1.46 billion in systemwide sales (up 22.2%) from which the company generated $516.59 million in revenue (up 39.2%). The rise in systemwide sales breaks down as 9% net store growth and an increase in consolidated same-store sales of 11.9%.

By segment …
• Systemwide paint, collision and glass sales increased 25.9% to $781.23 million, with same-store sales up 15.7%.
• Systemwide maintenance sales rose 23.3% to $411.45 million, with same-store sales up 14.4%.
• Systemwide car wash sales increased 13.6% to $138.70 million, with same-store sales down 9.0%.
• Systemwide platform services sales grew 8.7% to $130.75 million, with same-store sales up 8.7%.

Driven Brands’ net income increased 16.0% to $38.39 million

By segment …
• Maintenance segment adjusted EBITDA rose 43.6% to $68.76 million.
• Car wash segment adjusted EBITDA increased 2.9% to $39.10 million.
• Paint, collision and glass segment adjusted EBITDA rose 76.6% to $38.92 million.
• Platform services segment adjusted EBITDA grew 21.6% to $19.77 million.

Other items of interest from Driven’s quarterly report. …
• Management has raised its guidance for the fiscal year to account for its strong operating performance and M&A activity in the third quarter of 2022. Revenue is now expected to come in around $2.00 billion, and same-store sales growth is forecast to be in the low double-digits.
• Driven kept its fourth-quarter expectations unchanged.
• The company ended the third quarter with total liquidity of $287.60 million, consisting of $190.40 million in cash and cash equivalents, and $97.20 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.
• Subsequent to the end of the quarter, Driven closed on a $365-million, whole-business securitization transaction. Proceeds from the offering were used for general corporate purposes, including repayment of revolving credit facilities, creating capacity to invest in continued growth.
• The company added 101 net new locations during the quarter. The target for the year is 370 net new stores.

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