Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), which operates a chain of casual dining and leisure facilities, reported net profit for the fourth quarter of 2021 compared to a loss last year, supported by strong revenue growth. However, the results missed Wall Street’s expectations.
The Dallas-based company reported net income of $25.7 million or $0.52 per share for the January quarter, which marked an improvement from the prior-year period when it incurred a loss of $56.8 million or $1.19 per share. The latest number came in below the consensus forecast.
The positive bottom-line performance reflects a sharp increase in revenues to $343.1 million amid strong performance by both the operating segments. Comparable store sales, meanwhile, declined 6.8%.
“Despite continuing headwinds from COVID-19 (including vaccine requirements in certain markets), we saw strong sales across our stores in fiscal 2021. We also generated a double-digit Adjusted EBITDA increase in the year driven, in part, by our strong focus on process improvement and lean initiatives across our business,” said Kevin Sheehan, interim chief executive officer of Dave & Buster’s Entertainment.
Shares of Dave & Buster’s have gained around 22% in the past six months. The stock traded higher in early trading on Tuesday after closing the previous session higher.
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