$BROS · The Motley Fool · 2026-11-05
BROS 的同店销售指引从 8% 下调至 5%，客流量停滞，提价带来的收益已见天花板；在现有市场新开 250 家门店，可能分流客流并挤压利润率。但营收仍以 20-30% 增长，市销率 2.5 倍、前瞻市盈率 37 倍，已开始有点诱人，其简单的饮品菜单和咖啡因优势也胜过 Cava。
逐段跳播
Dutch Bros 下跌了约16%。那么，看到我们今天看到的这些股价下跌，这是不是又一个两家公司都没能真正达到各自股票被寄予的高预期的例子？
Dutch Bros are down about 16%. And so seeing these stock uh drops that we're seeing today, is this another case of both of these companies not necessarily meeting lofty expectations for their respective stocks?
Dutch Brothers 从8%降到了5%。平心而论，考虑到当前的环境，这两家公司都还做得很好。两家公司的营收仍然在以20%到30%的区间增长。
Dutch Brothers from 8% to 5%. to be fair, both of these companies are still doing great considering the environment. Both are still growing revenue in the 20 to 30% range.
只是相对于我们眼下在经济中看到的不确定性，它们的定价稍微过于激进了。
They were just priced a little bit too aggressively for the uncertainty we're seeing in the in the economy right now.
两家公司的同店销售额仍在增长。然而，两家的客流量基本已经停滞。增长来自提价，而提价是有上限的，尤其是在当前环境下。
same store sales still up at both companies. However, the guest traffic has pretty much flatlined for both. the gains are coming from price increases that does have a ceiling especially in this environment
不过看 Dutch Bros，它计划在未来一年新开250家门店，大多位于现有市场。而投资者担心的一点是，客流量在某种程度上已经停滞。你在这些地区开更多门店，或者在这些区域开更多店，那么每家门店的客流量是否真的会下降，因为现在它们是在互相抢生意。
所以这确实可能影响利润率。这是投资者担心的问题。
you look at Dutch Bros however looking to open 250 new locations in the coming year mostly in existing markets and one thing that investors are concerned about with traffic already flatlining to an extent.
You open up more stores in those locations or or more locations in those in those areas. Does guest traffic then actually drop per location because now they're stealing sales away from each other.
So this is something that could in fact profit affect profit margins. It is something that investors are concerned about.
我想说，如果你看 Dutch Bros，目前市销率是2.5倍，远期市盈率37倍，还在新增这么多门店。这对我来说开始有点吸引力了。
I would say that if you look at Dutch Bros, trading at two and a half times sales right now, 37 times forward earnings, still adding so many new locations. This is starting to get a little tempting for me.
我不认为 Dutch Brothers 会放弃那个开店计划，我想是250家新店，就是我们刚才说的。我不怪 Dutch Brothers 大举扩张进入它目前尚未涉足的市场。
I don't see Dutch Brothers abandoning that plan to open, I think, 250 new stores is what we just said. And I mean, I I don't blame Dutch Brothers for expanding aggressively into markets that it's not currently in.
我想说，Dutch Bros 的业务经营起来没有像 Cabba 那样的公司那么复杂，因为它卖的是饮料。它是一家饮料公司，菜单执行起来相当容易。
I would say that Dutch Bros has a less complex business to run than something such as a Cabba because I mean it's a beverage. It's a beverage company. That's a pretty easy menu to execute.
所以我想说，优势在 Dutch Bros 这边。它还略有优势，因为它卖的是让人上瘾的产品，也就是咖啡因。这倒不是什么坏事，我也爱我的咖啡因。但它的成瘾性确实多少有点帮助。
So I would say that the advantage goes to Dutch Bros here. also has the slight advantage of selling a an addictive product, which is caffeine. Not that it's a bad thing. I love my caffeine, too.
But, you know, the addictive nature does help ever so slightly.