Announces Leadership Team Additions
Participating in the 2024 ICR Conference on
January 8–9; Hosting Fireside Chat on January 8
Dutch Bros Inc. (NYSE: BROS; the “Company” or “Dutch Bros”) one
of the fastest-growing brands in the quick service beverage
industry in the United States by location count, today reported
highlights for the quarterly and annual periods ended December 31,
2023. The Company also released shop opening guidance for 2024,
announced senior leadership changes that underscore its commitment
to building a best in class team to drive scale and support its
long runway for growth, and announced its participation at the 2024
ICR Conference.
Fourth Quarter and Full Year 2023 New Shop Openings:
- Opened 37 new shops in the fourth quarter of 2023, of
which 32 were company-operated.
- Opened 159 new shops in the full year 2023, of which 146
were company-operated.
As of December 31, 2023, the Dutch Bros system consisted of 831
shops (542 company-operated and 289 franchised-operated) across 16
states.
Preliminary Fiscal Year 2024 Outlook
For full year 2024, Dutch Bros is providing the following
preliminary outlook:
- Total system shop openings are expected to be at least
150 - 165.
Leadership Team Additions
The Company plans to welcome three new leaders in the coming
months: Joshua Guenser as Incoming Chief Financial Officer on or
about February 19, 2024; Sumitro Ghosh as Incoming President of
Operations on or about January 15, 2024; and Jess Elmquist as Chief
People Officer on January 8, 2024. The Company expects that,
following these leadership transitions, longtime Dutch Bros
executive Brian Maxwell, currently Chief Operating Officer, will
transition into the role of Vice Chairman, reporting to Co-founder
and Executive Chairman, Travis Boersma, subject to his appointment
by the Board of Directors (the “Board”).
“We are designing our executive leadership team to support the
Dutch Bros mission and vision as we scale and grow to 4,000 shops,”
said Christine Barone, Chief Executive Officer of Dutch Bros. “I’m
excited to welcome best in class leaders who understand the
industry and have effectively scaled operations while maintaining
and valuing company culture. We have an exceptional team with
leaders who have deep knowledge of Dutch Bros and what sets it
apart in the drive-through industry, as well as those who know how
to thoughtfully guide the company in its next phase of growth.”
Guenser joins Dutch Bros as Incoming Chief Financial Officer on
or about February 19, 2024, and we expect, following a transitional
period and subject to his appointment by the Board, he will succeed
Charley Jemley as Chief Financial Officer following the release of
the Company’s financial results for the quarter ending March 31,
2024. To facilitate a smooth transition, we expect Jemley will then
assume an advisor role within the Company. Guenser joins Dutch Bros
from MOD Super Fast Pizza Holdings, LLC, where he served as Chief
Financial Officer, overseeing financial operations for all
locations across North America. He also served more than ten years
at Starbucks Corporation, most recently as Senior Vice President,
Finance, Americas. During his tenure at Starbucks Corporation, he
also held vice president and director-level roles in finance,
focused on retail operations, global supply chain and reporting.
Guenser began his career at KPMG, LLP, where he served for more
than seven years.
Ghosh joins Dutch Bros as Incoming President of Operations on or
about January 15, 2024 and will spend the first months of his
tenure actively engaging with shop and field leaders across Dutch
Bros markets. After this immersive field experience, we expect
Ghosh will, subject to his appointment by the Board, transition to
the new role of President of Operations, in which he would be
accountable for shop operations, real estate strategy, and supply
chain management. Ghosh joins Dutch Bros from NIKE, Inc. where he
served more than two years as Global VP of Nike Stores driving
strategy, structure, standards, concepts and tools. Prior to that,
Ghosh served as Chief Operating Officer of Foxtrot Ventures Inc.,
in various roles at Starbucks Corporation, including Chief
Executive Officer and Managing Director of TATA Starbucks Private
Limited and Senior Vice President, Siren Retail, Global Roastery
and Reserve Stores, and with Yum! Brands. In each of his roles,
Ghosh was responsible for developing and operationalizing the
growth of a complex and unique global store portfolio with
incredible success, driving a consistent legacy of results while
developing future leaders through a culture of engaged, inspired
and committed teams.
As Chief People Officer, Elmquist will be responsible for all
human resources functions within the organization. He comes to
Dutch Bros from Phenom People, Inc, where he served as Chief Human
Resources Officer and Chief Evangelist. Prior to that, he spent 20
years at Life Time Inc., most recently as Chief Learning Officer
and Executive Vice President of Human Capital. Over his tenure with
Life Time Inc., Elmquist helped grow the organization to more than
40,000 people and 152 locations. Elmquist began his career in
public education as a teacher, mentor, and coach. Christine Schmidt
remains as Chief Administrative Officer.
2024 ICR Conference Participation
Christine Barone, Chief Executive Officer and President, and
Charley Jemley, Chief Financial Officer, will hold meetings with
institutional investors at the 2024 ICR Conference on January 8 -
January 9, 2024, as well as host a fireside chat.
Event: ICR Conference Fireside Chat Webcast Date:
Monday, January 8, 2024 Time: 9:30 a.m. ET Webcast:
https://investors.dutchbros.com under “Events &
Presentations”.
The webcast will be archived shortly after the fireside chat has
concluded.
About Dutch Bros Inc.
Dutch Bros Inc. (NYSE: BROS) is a high growth operator and
franchisor of drive-thru shops that focus on serving high QUALITY,
hand-crafted beverages with unparalleled SPEED and superior
SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch
Bros began with a double-head espresso machine and a pushcart in
Grants Pass, Oregon. While espresso-based beverages are still at
the core of what we do, Dutch Bros now offers a wide variety of
unique, customizable cold and hot beverages that delight a broad
array of customers. We believe Dutch Bros is more than just the
products we serve—we are dedicated to making a massive difference
in the lives of our employees, customers and communities. This
combination of hand-crafted and high-quality beverages, our unique
drive-thru experience and our community-driven, people-first
culture has allowed us to successfully open new shops and continue
to share the “Dutch Luv” at 831 locations across 16 states as of
December 31, 2023.
To learn more about Dutch Bros, visit www.dutchbros.com, follow
Dutch Bros Coffee on Instagram, Facebook, Twitter, and TikTok, and
download the Dutch Bros app to earn points and score rewards!
Dutch Bros, our Windmill logo, Dutch Bros. Blue Rebel and our
other registered and common law trade names, trademarks and service
marks are the property of Dutch Bros Inc. All other trademarks,
trade names and service marks appearing in this Preliminary
Earnings Release are the property of their respective owners.
Solely for convenience, the trademarks and trade names in this
Preliminary Earnings Release may be referred to without the ® and ™
symbols, but such references should not be construed as any
indicator that their respective owners will not assert their rights
thereto.
Forward-Looking Statements
In addition to historical information, this release contains a
number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information and
expectations regarding Dutch Bros’ leadership transitions and Dutch
Bros’ number of new shop openings for the fourth quarter and full
year of 2023 and full year of 2024, business strategies, and
potential growth opportunities. These statements are based on Dutch
Bros’ current expectations and beliefs, as well as a number of
assumptions concerning future events. When used in this press
release, the words “estimates,” “projected,” “expects,” “should,”
“guidance,” and variations of these words or similar expressions
(or the negative versions of such words or expressions) are
intended to identify forward-looking statements. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions, and other important factors, many of
which are outside Dutch Bros’ control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements, including those related to general
economic conditions, commodity inflation, increased labor costs,
disruptions in our supply chain, ability to hire and retain
employees, and other risks, including those described under the
heading “Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022 filed with the SEC on February 27,
2023, our Quarterly Report on Form 10-Q for the period ended
September 30, 2023 filed with the SEC on November 8, 2023, and in
our future reports to be filed with the SEC. Forward-looking
statements contained in this press release are made as of this
date, and Dutch Bros undertakes no duty to update such information
except as required under applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240106160379/en/
For Investor Relations inquiries: Raphael Gross ICR (203)
682-8253 investors@dutchbros.com
For Media Relations inquiries: Jessica Liddell ICR (203)
682-8208 jessica.liddell@icrinc.com
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