Industry Newsline

DRIVEN BRANDS REPORTS RESULTS

03/29/21

Driven Brands Holdings Inc. (NASDAQ: DRVN) has reported financial results for the fourth quarter and fiscal year ended December 26, 2020. Fourth quarter results are of interest to car wash operators as these are the first results reported following Driven Brand’s acquisition of International Car Wash Group (ICWG) in the third quarter of 2020. Driven Brands has more than 4,200 locations in the automotive services space across 15 countries, and services over 50 million vehicles annually.

For the fourth quarter, system-wide sales were $935.1 million, an increase of 24 percent versus the prior year, with 36 percent net store growth and a decline in same-store sales of 3.4 percent. Revenue was $288.5 million, an increase of 58 percent versus the prior year, primarily driven, the company says, by the acquisition of ICWG, which added 939 stores to the portfolio. The Company recorded a net loss in the fourth quarter of $7.5 million.

In the car wash segment, the company added 13 stores in the fourth quarter for a total of 952 and recorded $88 million in sales.



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