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Newly public Driven Brands exceeds earnings expectations for second straight quarter
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How Driven Brands $750M IPO is fueling growth - Charlotte Business Journal
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CHARLOTTE, N.C. Driven Brands Holdings Inc., operator and franchisor of multiple vehicle maintenance and repair businesses, reported a 35.3% gain in operating income for the year ended Dec. 26 on 50.6% higher sales, but the net result was a $4.22 million loss due primarily to higher interest expenses.
The Charlotte-based company, which went public in 2020, reported $94.7 million in operating income on revenue of $904.2 million, yielding a 10.5% operating ratio. Revenue from company-operated stores represented 54% of the firm s sales last year, with a measurable portion of the increase attributed to Driven Brand s purchase of International Car Wash Group.
Among the company s franchise brands are Meineke Car Care Centers, Take 5 Oil Change and 1-800-Radiator & A/C. Besides Meineke and Take 5, Driven Brands properties include: Carstar Auto Body Repair; MAACO auto body; International Car Wash; and Merlin s 200,000 Mile Shops.
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