Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) slipped to a loss in the first quarter of 2020 from a profit last year, due to the temporary closure of its 137 stores since March 20 in compliance with COVID-19 mitigation mandates to halt dine-in & entertainment operations.
In response, the company took aggressive steps to conserve and attract new sources of capital in order to extend its liquidity horizon, while also preserving critical store re-opening capabilities. The company began reopening stores on April 30 as individual states began easing restrictions.
As of last week, the company had reopened 28 stores, and by the end of this week will have 48 stores open in 15 states under reduced hours of operation and capacity limitations as dictated by each locality. Comparable store sales decreased by 58.6% as all stores were temporarily closed beginning March 20 under COVID-19 mitigation mandates.
In light of the continuing unprecedented degree of uncertainty, the company is not in a position to provide fiscal 2020 financial guidance at this time. The company suspended quarterly cash dividend and share repurchase program.
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