<h2>关键要点</h2>
<ul>
<li>Dutch Bros 同店销售增长 8.3%，显示出在困难的宏观经济环境中受益于品牌忠诚度。</li>
<li>由于咖啡和租金成本上升，利润压力影响了其高估值。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p><strong>Dutch Bros</strong>（纽约证券交易所代码：BROS）在第一季度继续抵御疲软的经济，得益于得来速需求的强劲表现。系统内同店销售增长 8.3%，交易量增长 5%。德克萨斯州是其最繁忙的市场，拥有最多的门店，销售同比增长近 20%。</p>
<p>尽管其有机增长令人印象深刻，但咖啡连锁店巨大的市场机会才是吸引投资者的真正亮点。第一季度结束时，Dutch Bros 拥有 1,177 家门店，同比增长 16%，这为其在中期进一步增长提供了良好的空间，因为管理层设定了到 2029 年运营 2,029 家门店的目标。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p>投资故事相对简单。Dutch Bros 是一个可扩展的概念，具有吸引人的单位经济学，在达到其 7,000 家门店的长期目标之前，几乎可以将门店数量增加三倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjUwNS9zdGFyYnVja3Mtb25saW5lLW9yZGVyLW1vYmlsZS1jb2ZmZWUtZHJpdmUtdGhydS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjUwNS9zdGFyYnVja3Mtb25saW5lLW9yZGVyLW1vYmlsZS1jb2ZmZWUtZHJpdmUtdGhydS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>增长故事依然稳固</h2>
<p>尽管整体消费者支出仍然疲软，但公司的可定制能量和咖啡饮品继续赢得客户的青睐。其公司运营的门店连续第三个季度交易量增长约 7%。这导致同店销售首次实现两位数百分比增长，自 2024 年第一季度以来首次出现。</p>
<p>其 Dutch Rewards 忠诚计划目前拥有 1,500 万名会员，这些客户占所有交易的 74%。该品牌继续战略性地向美国东部扩展。</p>
<p>在 1 月，公司宣布以 2,000 万美元收购卡罗莱纳州的 20 家 Clutch Coffee 门店。Dutch Bros 在本季度转换了七家门店，管理层表示其销售量是转换前的三倍。</p>
<p>公司在本季度开设了 41 家新门店，管理层预计今年至少开设 185 家门店。</p>
<h2>成本上升对股票造成压力</h2>
<p>在第一季度，由于咖啡和租金成本上升，以及热食产品的推出，Dutch Bros 的盈利能力受到影响。公司运营的毛利率下降了近 2 个百分点，调整后的息税折旧摊销前利润（EBITDA）利润率缩小了 60 个基点。</p>
<p>尽管利润压力是短期内的担忧，但进入快速增长的定制饮料市场的新竞争者始终是一个威胁。较大的竞争对手 <strong>Starbucks</strong> 最近推出了其 Energy Refreshers，旨在复制 Dutch Bros 的成功。</p>
<p>Dutch Bros 股票的前瞻性市盈率为 62 倍，价格并不便宜。为了使公司能够与当前的市值相匹配，它需要继续扩展门店数量，同时保持其吸引人的单位经济学。公司的得来速模式旨在提高效率，平均单位销售额现已超过 210 万美元，每家门店的建设成本约为 130 万美元。</p>
<p>保持这种吸引人的投资回报率将是公司向新地区扩展的关键。然而，我认为对 Dutch Bros 的有利因素将持续存在，使其成为值得拥有的股票。</p>
<h2>现在应该购买 Dutch Bros 的股票吗？</h2>
<p>在您购买 Dutch Bros 股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Dutch Bros 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果您在我们推荐时投资了 1,000 美元，<strong>您将拥有 462,983 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果您在我们推荐时投资了 1,000 美元，<strong>您将拥有 1,375,447 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 995%——与标准普尔 500 指数的 212% 相比，表现优异。<strong>不要错过最新的前 10 名股票列表，使用 <em>Stock Advisor</em>，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回报截至 2026 年 6 月 2 日。</em></p>
<p><em>Bryan White 在提到的任何股票中没有持仓。Motley Fool 在 Dutch Bros 和 Starbucks 中持有头寸并推荐这两只股票。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>

BROS

<p>Dutch Bros 在第一季度报告了 8.3% 的同店销售增长，得益于强劲的自驾取货需求和品牌忠诚度，尽管经济环境疲软。该公司年同比扩展了 16% 的门店数量，达到 1,177 个地点，并计划在今年开设 185 家新店。然而，咖啡和租金成本的上升对毛利率造成了压力。尽管长期增长故事依然稳固，扩展空间巨大，但该股票的前瞻性市盈率高达 62 倍，处于溢价状态</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Dutch Bros' same-store sales growth of 8.3% shows it's benefiting from brand loyalty in a difficult macroeconomic environment.</li>
<li>Margin pressures due to rising coffee and occupancy costs are weighing on its premium valuation.</li>
<li>10 stocks we like better than Dutch Bros ›</li>
</ul>
<div class="lb-trans"><ul>
<li>Dutch Bros 同店销售增长 8.3%，显示出在困难的宏观经济环境中受益于品牌忠诚度。</li>
<li>由于咖啡和租金成本上升，利润压力影响了其高估值。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p><strong>Dutch Bros</strong>(NYSE: BROS) continued to shrug off a soft economy in the first quarter as drive-thru demand held up remarkably well. Same-shop sales grew by 8.3% across the system, fueled by a 5% rise in the number of transactions. Texas was its busiest market, with the largest number of locations and comps growth of nearly 20%.</p>
<div class="lb-trans"><p><strong>Dutch Bros</strong>（纽约证券交易所代码：BROS）在第一季度继续抵御疲软的经济，得益于得来速需求的强劲表现。系统内同店销售增长 8.3%，交易量增长 5%。德克萨斯州是其最繁忙的市场，拥有最多的门店，销售同比增长近 20%。</p>
</div><p>While its organic growth is impressive, it's the coffee chain's massive market opportunity that's the real draw for investors. It ended Q1 with 1,177 locations, up 16% year over year, but that leaves Dutch Bros an attractive runway for further growth in the medium term, as management has set a target of having 2,029 stores operating in 2029.</p>
<div class="lb-trans"><p>尽管其有机增长令人印象深刻，但咖啡连锁店巨大的市场机会才是吸引投资者的真正亮点。第一季度结束时，Dutch Bros 拥有 1,177 家门店，同比增长 16%，这为其在中期进一步增长提供了良好的空间，因为管理层设定了到 2029 年运营 2,029 家门店的目标。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>The investment story is fairly simple. Dutch Bros is a scalable concept with compelling unit economics, and it can almost triple its store count before crossing the halfway point toward its long-term target of 7,000 shops.</p>
<div class="lb-trans"><p>投资故事相对简单。Dutch Bros 是一个可扩展的概念，具有吸引人的单位经济学，在达到其 7,000 家门店的长期目标之前，几乎可以将门店数量增加三倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MjUwNS9zdGFyYnVja3Mtb25saW5lLW9yZGVyLW1vYmlsZS1jb2ZmZWUtZHJpdmUtdGhydS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F872505%2Fstarbucks-online-order-mobile-coffee-drive-thru.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The growth story remains intact</h2>
<div class="lb-trans"><h2>增长故事依然稳固</h2>
</div><p>The company's customizable energy and coffee drinks continue to win over customers even as broader consumer spending remains weak. Its company-operated shops grew transactions by roughly 7% for the third consecutive quarter. This led to double-digit percentage growth in same-shop sales for the first time since Q1 2024.</p>
<div class="lb-trans"><p>尽管整体消费者支出仍然疲软，但公司的可定制能量和咖啡饮品继续赢得客户的青睐。其公司运营的门店连续第三个季度交易量增长约 7%。这导致同店销售首次实现两位数百分比增长，自 2024 年第一季度以来首次出现。</p>
</div><p>Its Dutch Rewards loyalty program now sports a total of 15 million members, and those customers account for 74% of all transactions. The brand continues to strategically push into the eastern U.S.</p>
<div class="lb-trans"><p>其 Dutch Rewards 忠诚计划目前拥有 1,500 万名会员，这些客户占所有交易的 74%。该品牌继续战略性地向美国东部扩展。</p>
</div><p>In January, the company announced the acquisition of 20 Clutch Coffee locations in the Carolinas for $20 million. Dutch Bros converted seven stores during the quarter, and management indicated that their sales volumes were up threefold compared to pre-conversion levels.</p>
<div class="lb-trans"><p>在 1 月，公司宣布以 2,000 万美元收购卡罗莱纳州的 20 家 Clutch Coffee 门店。Dutch Bros 在本季度转换了七家门店，管理层表示其销售量是转换前的三倍。</p>
</div><p>The company opened 41 new locations in the quarter, and management is guiding for at least 185 store openings this year.</p>
<div class="lb-trans"><p>公司在本季度开设了 41 家新门店，管理层预计今年至少开设 185 家门店。</p>
</div><h2>Rising costs weigh on the stock</h2>
<div class="lb-trans"><h2>成本上升对股票造成压力</h2>
</div><p>In the first quarter, higher coffee and occupancy costs, along with the rollout of its hot food offerings, took a bite out of Dutch Bros' profitability. Company-operated gross margin declined by nearly 2 percentage points, and its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin shrank by 60 basis points.</p>
<div class="lb-trans"><p>在第一季度，由于咖啡和租金成本上升，以及热食产品的推出，Dutch Bros 的盈利能力受到影响。公司运营的毛利率下降了近 2 个百分点，调整后的息税折旧摊销前利润（EBITDA）利润率缩小了 60 个基点。</p>
</div><p>While margin pressure is a near-term concern, new entrants into the fast-growing customized beverage market are a constant threat. Larger rival <strong>Starbucks</strong> recently entered the fray with its Energy Refreshers, which aim to replicate Dutch Bros' success.</p>
<div class="lb-trans"><p>尽管利润压力是短期内的担忧，但进入快速增长的定制饮料市场的新竞争者始终是一个威胁。较大的竞争对手 <strong>Starbucks</strong> 最近推出了其 Energy Refreshers，旨在复制 Dutch Bros 的成功。</p>
</div><p>Trading at 62 times forward earnings, Dutch Bros stock is not cheap. For the company to grow into its current market cap, it will need to continue expanding its store base while preserving its attractive unit economics. The company's drive-thru model is designed for efficiency, with average unit volumes now exceeding $2.1 million, and a build cost of around $1.3 million per shop.</p>
<div class="lb-trans"><p>Dutch Bros 股票的前瞻性市盈率为 62 倍，价格并不便宜。为了使公司能够与当前的市值相匹配，它需要继续扩展门店数量，同时保持其吸引人的单位经济学。公司的得来速模式旨在提高效率，平均单位销售额现已超过 210 万美元，每家门店的建设成本约为 130 万美元。</p>
</div><p>Maintaining that attractive return on investment will be critical as the company pushes into new regions. However, I think the tailwinds are here to stay for Dutch Bros, making it a compelling stock to own.</p>
<div class="lb-trans"><p>保持这种吸引人的投资回报率将是公司向新地区扩展的关键。然而，我认为对 Dutch Bros 的有利因素将持续存在，使其成为值得拥有的股票。</p>
</div><h2>Should you buy stock in Dutch Bros right now?</h2>
<div class="lb-trans"><h2>现在应该购买 Dutch Bros 的股票吗？</h2>
</div><p>Before you buy stock in Dutch Bros, consider this:</p>
<div class="lb-trans"><p>在您购买 Dutch Bros 股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Dutch Bros wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Dutch Bros 并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $462,983</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,375,447</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果您在我们推荐时投资了 1,000 美元，<strong>您将拥有 462,983 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果您在我们推荐时投资了 1,000 美元，<strong>您将拥有 1,375,447 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 995% — a market-crushing outperformance compared to 212% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 995%——与标准普尔 500 指数的 212% 相比，表现优异。<strong>不要错过最新的前 10 名股票列表，使用 <em>Stock Advisor</em>，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 2, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 6 月 2 日。</em></p>
</div><p><em>Bryan White has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Dutch Bros and Starbucks. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Bryan White 在提到的任何股票中没有持仓。Motley Fool 在 Dutch Bros 和 Starbucks 中持有头寸并推荐这两只股票。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>
</div>

Dutch Bros 继续在我们的饮品消费中占据越来越大的份额