{"id":454531,"date":"2021-03-10T07:03:17","date_gmt":"2021-03-10T12:03:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454531"},"modified":"2021-03-10T07:03:17","modified_gmt":"2021-03-10T12:03:17","slug":"driven-brands-holdings-inc-reports-fourth-quarter-and-fiscal-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/driven-brands-holdings-inc-reports-fourth-quarter-and-fiscal-year-2020-results\/","title":{"rendered":"Driven Brands Holdings Inc. Reports Fourth Quarter and Fiscal Year 2020 Results"},"content":{"rendered":"
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CHARLOTTE, N.C., March 10, 2021 (GLOBE NEWSWIRE) — Driven Brands Holdings Inc. (NASDAQ: DRVN) (\u201cDriven Brands\u201d or \u201cthe Company\u201d) today reported financial results for the fourth quarter and fiscal year ended December 26, 2020.<\/p>\n

For the fourth quarter, system-wide sales were $935.1 million, an increase of 24% versus the prior year, with 36% net store growth and a decline in same-store sales of 3.4%. Revenue was $288.5 million, an increase of 58% versus the prior year. Loss per share was $(0.06) for the fourth quarter, while adjusted earnings per share2<\/sup> was $0.01.<\/p>\n

For fiscal year 2020, system-wide sales were $3.4 billion, an increase of 16% versus the prior year, with 36% net store growth and a decline in same-store sales of 5.6%. Revenue was $904.2 million, an increase of 51% versus the prior year. Loss per share was $(0.04) for the fiscal year, while adjusted earnings per share2<\/sup> was $0.42.<\/p>\n

\u201cOur fourth quarter results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2020,\u201d said Jonathan Fitzpatrick, president and chief executive officer. \u201cOur employees and franchisees continued to adapt to the ever-changing needs of the past year, meeting our expectations and delivering industry-leading results.<\/p>\n

\u201cGiven our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, I am confident that we are well positioned for growth in 2021 and to maximize long-term value for all of our stakeholders.\u201d<\/p>\n

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\n Fourth Quarter Highlights<\/u>
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