Dutch Bros to open 150 to 165 shops in 2024; moving some corporate jobs to Phoenix

Dutch Bros ended the year on an upbeat note as it continues to drive new store growth. 

The fast-growing drive-thru coffee chain’s total revenue rose 25.9% to $254.1 million in the fourth quarter (ended Dec. 31). For the full year, total revenue grew 30.7% to $965.8 million.  

Dutch Bros reported a net loss of $3.8 million, or a loss of $0.02 per share, for the quarter, compared to a loss of $2.8 million, or $0.01, in the year-ago period of 2022. Adjusted net income came in at $7.4 million, or $0.04 per share, compared to $4.8 million, or $0.03 per share, last year.

“We had an exceptional 2023 and entered 2024 with great momentum,” said Christine Barone, who took the reins as CEO in January. “Our system AUV reached its highest on record since the IPO, and we delivered a 2.8% increase in system same-shop sales growth.”

Dutch Bros opened 159 new locations during 2023 — 146 of which were company-operated — across 13 states. It ended the year with 831 locations across 16 states. The company expects to open 150 to 165 new shops in 2024.  Capital expenditures are estimated to be between $280 million to $320 million, primarily related to new shop construction.

As part of a “large-scale organizational design initiative,” Dutch Bros is moving certain positions to its Phoenix office.  The company expects that about 40% of its support center staff will be located in Arizona by the beginning of next year. 

Dutch Bros said it plans to maintain a significant presence in Southern Oregon, where its roasting, accounting and select other support functions will continue to be based.

“Our leadership team embarked on a project last year to outline how our corporate team can best support our shops as we scale and grow,” said Barone. “We recognize the importance of continuing to attract top-notch talent, and we believe adding a significant presence in the Phoenix market positions us to better compete for this talent. We also believe this expansion will enable easier access to our operations as we grow across the United States.”

In January, Dutch Bros announced three additions to its leadership team: Sumi Ghosh, incoming president of operations; Josh Guenser, incoming CFO; and Jess Elmquist, chief people officer.