Driven Brands Holdings Inc. (NASDAQ: DRVN) has reported financial results for the first quarter ended March 27, 2021. 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 first quarter, system-wide sales hit a record $1.0 billion, an increase of 28 percent versus the prior year. Revenue was $329.4 million, an increase of 83 percent versus the prior year, primarily driven, the company says, by the acquisition of International Car Wash Group (ICWG) in the third quarter of 2020.
In the car wash segment, the company added two stores in the first quarter for a total of 954 and recorded $114.8 million in sales, up from $88 million in the fourth quarter. Same-store sales increased by 27.8 percent. The company expects to add 20 to 30 stores for the fiscal year ending December 25, 2021.