{"id":483114,"date":"2021-04-28T07:10:19","date_gmt":"2021-04-28T11:10:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/driven-brands-holdings-inc-reports-first-quarter-results\/"},"modified":"2021-04-28T07:10:19","modified_gmt":"2021-04-28T11:10:19","slug":"driven-brands-holdings-inc-reports-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/driven-brands-holdings-inc-reports-first-quarter-results\/","title":{"rendered":"Driven Brands Holdings Inc. Reports First Quarter Results"},"content":{"rendered":"
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\n Delivers Positive Same-Store Sales and Strong Operating Income
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\n Raises Fiscal Year 2021 Guidance<\/strong>\n <\/p>\n

CHARLOTTE, N.C., April 28, 2021 (GLOBE NEWSWIRE) — Driven Brands Holdings Inc. (NASDAQ: DRVN) (\u201cDriven Brands\u201d or \u201cthe Company\u201d) today reported financial results for the first quarter ended March 27, 2021.<\/p>\n

For the first quarter, revenue was $329.4 million, an increase of 83% versus the prior year. System-wide sales hit a record $1.0 billion, an increase of 28% versus the prior year, with 37% net store growth and an increase in consolidated same-store sales of 0.5%.<\/p>\n

Loss per share was $(0.13) for the first quarter, driven by a $(0.23) per share impact from the one-time non-cash loss on debt extinguishment from proceeds associated with the Company\u2019s initial public offering.<\/p>\n

Adjusted earnings per share2<\/sup> was $0.19, an increase of 138% versus the prior year.<\/p>\n

\u201cThe power of Driven Brands is evident in our strong operating results this quarter,\u201d said Jonathan Fitzpatrick, president and chief executive officer. \u201cOur employees and franchisees were well-positioned to capitalize on the beginning of reopening trends in the first quarter and I am confident that we will continue to do so throughout 2021 as consumers drive more.<\/p>\n

\u201cGiven our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, our business model remains well-positioned to maximize long-term value for all of our stakeholders.\u201d<\/p>\n

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\n First Quarter Highlights<\/u>
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