Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), which operates a chain of casual dining and leisure facilities, reported a sharp fall in third-quarter earnings, despite a double-digit increase in revenues. Comparable-store sales increased at a faster pace.
The Dallas-based company reported a net income of $1.92 million or $0.04 per share for the October quarter, up 82% from the prior-year profit of $10.6 million or $0.21 per share. Adjusted EBITDA moved up 32% annually to $89.9 million.
Meanwhile, third-quarter revenues climbed 51% year-over-year to $481.2 million, reflecting a 13.3% growth in comparable store sales. Both operating segments — Food and Beverages and Amusement and Other — registered double-digit growth.
Check this space to read management/analysts’ comments on Dave & Buster’s Q3 results
“Our outstanding team continues to strongly execute our integration plan and deliver exceptional results, despite the challenging macro and inflationary environment. We remain focused on driving innovation, growth, and value creation for our stakeholders. The future is incredibly bright for this new organization, and I am excited about sharing our progress with you over the next few years,” said Chris Morris, chief executive officer of Dave & Buster’s Entertainment.
