Operations

Same-store sales up 11.5% at Smoothie King

Photo: Smoothie King

February 8, 2024

Smoothie King, which has over 1,100 locations, reported this week that it saw an 11.5% jump in same-store sales and positive traffic growth in 2023. The brand forecasts even more expansion as it looks to 2024, including 100 store openings.

"2023 was a monumental year for Smoothie King, marked by the highest sales period in our 50-year history in Q3 as well as one of our largest new development quarters in seven years during Q4," CEO Wan Kim said in a company press release. "As we look back on menu innovation from the year, we are incredibly proud to have become one of the country's largest smoothie bowl destinations through the introduction of our eight Smoothie Bowls, allowing us to further the Clean Blends promise and our mission of inspiring a healthy and active lifestyle."

Smoothie King attributes development growth and market expansion, as well as menu innovation and a bolder, more disruptive marketing approach, as key contributing factors to the year's growth. The company added 189 store commitments to the development pipeline in 2023, marking Q4 2023 as its largest signings quarter since 2017 with 39 franchise agreements and 20 area development commitments. Store commitments in 2023 included agreements in 47 DMAs and 29 states, four of which are new markets for Smoothie King: Utah, Minnesota, Massachusetts and New Hampshire.

Expansion also remained strong in Smoothie King's home market of Dallas-Fort Worth, culminating in 15 units in 2023 as well as new agreements signed in two terminals of the DFW Airport, marking the brand's largest market of new deals for the year.

The chain also continued to see traffic increases, primarily driven by purposeful menu innovation and the launch of several Smoothie Bowls featuring fruit and premium Purely Elizabeth granola, made with non-GMO fruits and packed with flavor and nutrients. The brand has sold over 5.5 million bowls since introducing the product in April 2023.