Comparable store sales declined by 0.3% in the first quarter following a 4.9% decrease in the previous year quarter. The decrease was driven by a 0.6% decline in walk-in sales, though special events sales were up 3%. Comparable store sales increased by 1.8% in Amusements & Other but decreased by 3.3% in Food & Beverage. Non-comparable store revenues surged by 76.8% year-over-year.
Looking ahead into fiscal 2019, the company lowered its total revenues outlook to the range of $1.365 billion to $1.39 billion from the prior range of $1.37 billion to $1.40 billion. Comparable store sales are now anticipated to be down 1.5% to up 0.5% compared to the previous estimate range of flat to up 1.5%. Net income guidance is lowered to the range of $103 million to $113 million from the previous range of $105 million to $117 million.
For the full year, the company cut its EBITDA guidance to the range of $283 million to $295 million from the previous range of $285 million to $300 million. Total capital additions (net of tenant improvement allowances and other landlord payments) outlook remained unchanged at $190 million to $200 million.
The company continues to be on track to open 15 to 16 new stores in the fiscal year 2019. This represents unit growth of about 12%, consistent with its target of 10% or more annual unit growth. The company has opened seven new stores during the first quarter of 2019 and has already opened a store during the second quarter. Two more stores are expected in the second quarter of 2019. As of June 4, 2019, there were 8 stores under construction.
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During the first quarter, Dave & Buster’s repurchased about 1.3 million shares for $63.5 million. As of the end of the quarter, the inception-to-date total was 7.6 million shares for $393.3 million and the company had $206.7 million remaining under its share repurchase authorization. During the quarter, the company paid a quarterly cash dividend of $0.15 per share.
Shares of Dave & Buster’s ended Tuesday’s regular session up 1.90% at $51.53 on the Nasdaq. The stock has risen over 15% in the year so far and over 10% in the past three months.
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