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Driving Up Business: Driven Brands reports 42 percent Q1 revenue growth from last year

Toronto, Ontario — Driven Brands reported on Wednesday that company revenue saw a 42 percent boost in the first quarter of this financial year.

That 42 percent equates to $468.3 million in new revenue versus last year. The company also reported that system-wide sales hit $1.3 billion, which represents 26 percent growth when compared to last year.

Driven Brands’ earnings per diluted share was $0.20 for the first quarter, as compared to $0.28 reported last year.

“Driven Brands posted strong first quarter results despite a challenging macroeconomic landscape,” said CEO and president Jonathan Fitzpatrick.

“Our scale and sophistication allowed us to navigate continued supply chain challenges and an accelerating inflationary environment. This scale and sophistication, coupled with our proven playbook for growth, allowed us to once again outperform expectations.

“This would not be possible without the hard work of the entire team, from our employees to franchisees. Their relentless focus on operational excellence delivered quality results.

“We continue to be enthusiastic about fiscal 2022. With our scale, the significant whitespace in this fragmented and needs-based industry and our robust cash generation engine, our business model remains well-positioned to maximize long-term value for all of our stakeholders.”

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