Charlotte, North Carolina — Driven Brands unveiled its results for the fourth quarter and fiscal year ended December 2020, reporting a near 25 percent increase to system-wide sales for the fourth quarter.
The parent company of collision repair brands CARSTAR, Fix Auto USA and Maaco, Driven Brands reported Q4 2020 system-wide sales of US$935.1 million, an increase of 24 percent versus the same quarter the year prior.
According to the company, US$537.2 of system-wide sales for Q4 2020 were attributed to its paint, glass and collision vertical—more than any of Driven Brand’s other segments.
Revenue for Q4 2020 was reported at $288.5 million, an increase of 58 percent versus the Q4 2019. Loss per share was $(0.06) for the fourth quarter, while adjusted earnings per share were $0.01
For the fiscal year 2020, system-wide sales were US$3.4 billion—an increase of 16 percent over the prior, said the company.
Driven Brands added six new stores to its paint, glass and collision segment amid 2020’s fourth quarter, as well as 23 in maintenance and 13 in the car wash segment. According to its 2021 plans, it aims to add 60 to 70 new stores in 2021, “driven by franchise store growth.”
Click here for more information on Driven Brand’s recent financial results.