{"id":518773,"date":"2021-07-28T07:03:52","date_gmt":"2021-07-28T11:03:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/driven-brands-holdings-inc-reports-second-quarter-results\/"},"modified":"2021-07-28T07:03:52","modified_gmt":"2021-07-28T11:03:52","slug":"driven-brands-holdings-inc-reports-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/driven-brands-holdings-inc-reports-second-quarter-results\/","title":{"rendered":"Driven Brands Holdings Inc. Reports Second Quarter Results"},"content":{"rendered":"
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\n Delivers Strong Same-Store Sales Growth and Adds 70 Net New Stores
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\n Reports Robust Operating Income and Earnings per Share Growth
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\n Raises Fiscal Year 2021 Guidance<\/strong>\n <\/p>\n

CHARLOTTE, N.C., July 28, 2021 (GLOBE NEWSWIRE) — Driven Brands Holdings Inc. (NASDAQ: DRVN) (\u201cDriven Brands\u201d or \u201cthe Company\u201d) today reported financial results for the second quarter ended June 26, 2021.<\/p>\n

For the second quarter, revenue was $374.8 million, an increase of 123% versus the prior year. System-wide sales hit a record $1.2 billion, an increase of 65% versus the prior year, with 34% net store growth and an increase in consolidated same-store sales of 38.7%. On a two-year basis, same-store sales increased 19.1%.<\/p>\n

Earnings per share was $0.21 for the second quarter, an increase of 600% versus the prior year.<\/p>\n

Adjusted earnings per share2<\/sup> was $0.25, an increase of 79% versus the prior year.<\/p>\n

\u201cThe power of Driven Brands is evident in our continued strong operating results,\u201d said Jonathan Fitzpatrick, president and chief executive officer. \u201cWhile this quarter laps the depths of COVID-19 in the prior year, our strong two-year trend indicates continued momentum in the fundamentals of our business.<\/p>\n

\u201cInitiatives we implemented last year, coupled with strong execution from employees and franchisees drove compounding same-store sales and store growth. We continued to capitalize on opportunities as consumers drove more in the second quarter,\u201d Fitzpatrick added.<\/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 Second Quarter Highlights<\/u>
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