— Dave and Buster’s Entertainment, Inc. (NASDAQ: PLAY) reported its fourth-quarter 2019 earnings of $0.80 per share versus $0.69 per share expected.
— Revenue rose by 5% year-over-year to $347.2 million versus $344.46 million expected.
— The number of stores increased by 12.4% to 136 from 121 in the previous year quarter while comparable store sales decreased by 4.7%.
— As of March 20, 2020, the company temporarily closed all 137 locations in 39 States, Canada and Puerto Rico. The COVID-19 pandemic has created challenges that resulted in the temporary closure of all of its stores.
— The company has taken steps to significantly reduce capital spending by halting new store construction. Also, it has taken numerous actions to lower operating expenses, G&A and marketing spend. The board suspended the quarterly dividend and share repurchase program.
— Until stores are reopened, all of the company’s more than 15,000 store hourly team members have been placed on temporary furlough, and store management and corporate staff have been reduced by nearly 90%.
— Until stores are reopened, the compensation of the senior leadership team has been reduced by 50%, and the board has suspended directors’ cash compensation for the remainder of the year.
— The company is pursuing discussions with landlords and vendors to reduce expenses, extend payment terms, and obtain other payment concessions. Also, it is in discussions with its lenders and outside debt & equity providers to amend necessary terms of its credit facility and further supplement its liquidity.
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