Toronto, Ontario — Driven Brands reported its third-quarter earnings for 2022 yesterday, where the company reported a 39 percent increase in its revenue (year over year) to US$516.6 million.
The paint, collision and glass segment accounted for approximately 22 percent of company revenue of $113.3 million.
Driven Brands reported a net income of US$38.4 million, a 16 percent increase, and an adjusted net income of US$55 million, a 32 percent increase.
The company also added 110 new stores across its verticals during Q3 2022.
Currently, Driven Brands expects to end the year with annual revenues of US$2.0 billion and adjusted EBITDA of approximately US$503 million.
In terms of store growth, Driven Brands plans to end the year with “low double-digit same-store sales growth,” and net store growth of approximately 370 locations, 190 of which it expects under the paint, collison and glass segment.