Drive-thru chain Dutch Bros said Thursday it opened its 1,000th shop last month and now hopes to open 7,000 eventually. That’s 3,000 more than it had forecast at the time of its initial public stock offering in 2021.
Additionally, the Oregon-based company said it will start to sell packaged coffee and other Dutch Bros products in other retailers’ stores as it works to expand its business. Dutch Bros said it licensed its name to a Wisconsin company, Trilliant Food and Nutrition, that sells retail coffee under various brand names.
Dutch Bros’ stock has been on a tear since November amid growing investor optimism about the company’s fortunes and strong financial results. The company’s share price has roughly doubled in that time, to $65.01 at Thursday’s close.
That gives the company a market value of approximately $10 billion. Dutch Bros now ranks No. 2 among Oregon’s most valuable businesses, trailing only Nike.
Dutch Bros started in 1992 with a single coffee cart in Grants Pass. Its headquarters remain there, nominally, though CEO Christine Barone and many other company executives work in a company office near Phoenix, Arizona.
The chain has won a devoted following with a lineup of highly caffeinated energy drinks. While Dutch Bros has a large footprint in the western U.S., much of its growth now takes place in the South and Southeast. Texas is its largest state, with 214 shops at the end of 2024.
At Thursday’s investor day in Arizona, Dutch Bros told stock analysts that the company is outperforming its own expectations.
“Last month, we proudly opened our 1,000th shop, and with a strong roadmap ahead, we are focused on our bold goal of reaching 2,029 shops in 2029,” Barone said.
Dutch Bros finished 2024 with 982 drive-thrus and aims to open 160 more this year. The company said it hopes its licensing deal with Trilliant will help build brand awareness for Dutch Bros products.
The company reported $1.3 billion in sales last year, up 33% from 2023. Annual profits jumped from $10.0 million to $66.5 million.
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