Dutch Bros’ third-quarter attributable net income more than doubled as the drive-through coffee chain opened 39 new shops and entered the Alabama and Kentucky markets during the period.

Net income surged 138.8 per cent year over year to $4.2 million as revenue soared 33.2 per cent to $264.5 million in the three months ended September 30. Company-operated shop revenue grew 36.3 per cent to $236.5 million.

“Even as we demonstrate our commitment to profitable growth, it is vital that we continue investing in the business,” said Joth Ricci, CEO at Dutch Bros.

“Our focus will therefore remain on recruiting and retaining top talent and keeping our operations efficient and competitive long-term. This way, we can ensure that our people pipeline and systems stay strong while preserving and amplifying our culture.”

For the first three quarters, the company swung to an attributable net income of $3.1 million as revenue rose 32.5 per cent to $711.7 million.

For the full-year, Dutch Bros expects to open 150 new shops, at least 130 of which will be company-operated. The company forecasts revenue to be at the lower end of the range of $950 million to $1 billion.