Dutch Bros. CEO Christine Barone described the coffee chain’s cross-country expansion plans in a Friday interview with CNBC’s Jim Cramer, saying it may be some time before the Oregon-based company opens stores in the Northeast region.
“We’re really growing in a contiguous way, so that we’re growing across states that are next to each other,” Barone said. “We just had the ability to enter Florida this year. So, we still have a lot of growth ahead of us. We will be there, but it’ll be a little while.”
Dutch Bros. operates in 18 states on the West Coast and in the South, including in California, Arizona and Texas. The company made its market debut in 2021, and the stock is currently up 48.97% year-to-date. It reported a solid quarter Wednesday night that sent shares surging more than 28% Thursday, and they continued to climb during Friday’s session, closing up more than 5%.
According to Barone, the company’s growth is “predicated on people” and added that the chain received 400,000 applications for 11,000 available positions this year. During Dutch Bros.’ recent earnings calls, Barone said management plans to open at least 160 new shops in 2025. She also discussed the company’s product strategy, saying Dutch Bros. puts an emphasis on iced beverages and personalized drinks.
“Personalization has been a big part of us since the very beginning,” she said. “So, I think we’ve really built our operations, and we’ve built our brand around the ability to personalize really well.”
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