Dave & Buster’s Entertainment (PLAY) beat market estimates on revenues and profits for the second quarter of 2018, making the stock to trade in during the morning session. The company reported total revenues of $319.2 million, up 13.7% from the same period last year, helped by revenue increases across both segments.
Comparable store sales fell 2.4% in the quarter versus 1.1% in the prior-year period, driven by a 2.6% drop in walk-in sales and a 0.1% increase in special events sales. Comp sales decreased 1.2% in Amusements & Other and 4.1% in Food & Beverage segments, respectively. Non-comparable store revenues surged 99.6%.
Net income increased to $33.8 million or $0.84 per diluted share from $30.4 million or $0.71 per diluted share in the prior-year period.
Dave & Buster’s increased its outlook for the full year of 2018. The company now expects total revenues of $1.23 billion to $1.25 billion versus the previous range of $1.20 billion to $1.24 billion. Comparable store sales are expected to decrease in the low single digits.
Net income is expected to come in the range of $101 million to $111 million versus the prior outlook of $95 million to $110 million. The company is on track to open 14 to 15 new stores including, at the top end of the range, 11 large, two small and two 17K format stores, representing 13% to 14% unit growth.
Dave & Buster’s CEO Brian Jenkins was appointed to the Board of Directors, effective September 13. The Board increased the company’s total share repurchase authorization $100 million and extended the repurchase program through the end of fiscal 2020.
The Board also declared a quarterly cash dividend of $0.15 per common share, payable on October 10, to shareholders of record on September 25.
Dave & Buster’s stock achieved a new 52-week high today and was up about 7% at 11:00 AM ET. The Dallas-based restaurant company’s shares have gained 10% so far this year and 17% in the past 12 months.
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