Dutch Bros' Q2 Same-Store Sales Growth, Q3 Outlook Miss Buy-Side Bar, RBC Capital Markets Says

MT Newswires Live08-07

Dutch Bros' (BROS) 5.8% same-store sales growth in Q2 and 4% to 5% outlook for Q3 came in below a relatively elevated buy-side bar of 7% and about 6%, respectively, RBC Capital Markets said in a note Thursday.

The investment firm said that while Dutch Bros typically guides conservatively, the company is starting to lap the food rollout which drove at least 2 points of incremental comps in Q2, and traffic compares get 140 basis points harder in H2 on average compared to Q2.

RBC also highlighted the widening performance gap between franchisee and company-owned stores, and noted that LTOs and merch drops drove less upside in the quarter.

Among positives, the firm said the company's margins were above expectations and new store performance continued to tick higher with anecdotes of a Chicago store tracking to $7 million in sales in Q2.

RBC Capital Markets lowered its price target to $70 from $75, and maintained its outperform rating.

Shares of Dutch Bros were down 17.9% in Thursday trading.

Price: 53.89, Change: -11.78, Percent Change: -17.94

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