Record Revenues: Driven Brands reports 39 percent increase in 2022 revenues

Charlotte, North Carolina ⁠— Driven Brands is reporting growth in its full-year 2022 and Q4 2022 financial results, announced Wednesday morning.

For the whole of 2022, Driven Brands reported 39 percent increases in revenue, which grew to US$2 billion driven by same-store sales and location acquisitions, said the company.

The company’s paint, collision and glass segment reported US$410.9 million in revenue for 2022. 

Net income for 2022 increased to US$38.9 million, up from US$33.6 million. Adjusted net income was up 41 percent, compared to 2021, to US$207.9 million.

Adjusted EBITDA for the year was reported to increase 42 percent to US$513.8 million. 

Driven Brands added a total of 393 new locations to its network in 2022; 98 of those locations were added in Q4 2022. 

In the fourth quarter of 2022, the company saw revenues increase 38 percent compared to Q4 2021, reporting US$539.7 million driven by an 11 percent increase in same-store sales and the addition of new locations. 

The company also issued guidance for the full year 2023, where it anticipates revenues of US$2.35 billion⁠—a 16 percent increase⁠ over 2022—and same-store sale growth of five to seven percent. 

Driven Brands estimates it will add 365 new stores in 2023, or eight percent more than in 2022; it predicts 130 stores will fall into the paint, collision and glass segment, of which 25 percent will be franchised and 75 percent will be company-operated. 

For more information on Driven Brands’ Q4 2022 results, full-year 2022 results or predictions for 2023, click here.


Sign-up for the Collision Repair daily e-zine and never miss a story –  SUBSCRIBE NOW FOR FREE!

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Arslan Accuvision
Arslan Accuvision
previous arrow
next arrow

Recent Products

Recent Posts

Stay on top of the latest INDUSTRY news and trends by subscribing to our daily e-zine!

Our other sites

Our other sites