Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), which operates a chain of casual dining and leisure facilities, has reported lower earnings for the second quarter of 2022, despite a double-digit increase in revenues even as comparable-store sales continued to recover from the recent slump.
The Dallas-based company reported a net income of $29.1 million or $0.59 per share for the July quarter, compared to $52.8 million or $1.07 per share in the same period of 2021. Adjusted EBITDA edged up to a record high of $119.6 million.
Meanwhile, second-quarter revenues increased 24% year-over-year to $468.4 million, reflecting a 9.6% growth in comparable store sales. Both operating segments registered double-digit revenue growth.
Check this space to read management/analysts’ comments on Dave & Buster’s Q2 results
“While we saw substantial headwinds during the quarter from wage and commodity inflation, we remained focused on driving revenue and strong cash flow while still working to mitigate these pressures with operational efficiencies and appropriate pricing actions. We have significant upside potential and with our continued focus on innovation, growth, and value creation, we are determined to deliver on that potential. We are excited about the future of this new organization and look forward to sharing our progress in the coming quarters,” said Chris Morris, chief executive officer of Dave & Buster’s Entertainment.