Dave & Buster’s Entertainment Inc PLAY reported financial results for the second quarter after the market close on Monday. Here’s a rundown of the report.
See the market dynamics of PLAY stock here.
Q2 Highlights: Dave & Buster’s reported second-quarter revenue of $557.41 million, missing analyst estimates of $562.78 million, according to Benzinga Pro. The entertainment and dining company reported adjusted earnings of 40 cents per share, missing estimates of 92 cents per share.
Total revenue growth was approximately flat on a year-over-year basis as comparable store sales fell 3%. The company opened three new Dave & Buster’s stores in the quarter and one new store subsequent to the quarter’s end.
Dave & Buster’s generated $34 million of operating cash flow during the second quarter and ended the period with $443 million of available liquidity.
“We operate strong brands, with an exceptional business model across a unique national footprint. In my first several weeks, I’ve visited stores across the nation and witnessed firsthand the pride and dedication of our teams and how much our customers love us,” said Tarun Lal, CEO of Dave & Buster’s.
“My immediate focus is clear: reinforce our guest-first culture, deliver memorable experiences, and drive meaningful growth in sales, cash flow and shareholder value.”
Dave & Buster’s noted that same-store sales trends in the third quarter have been consistent with where they were exiting the second quarter. The company said it expects to open at least five additional international franchise stores over the next six months.
Dave & Buster’s executives will further discuss the quarter on an earnings call set for 5 p.m. ET.
PLAY Price Action: Dave & Buster’s shares were down 15.25% in after-hours, trading at $20.50 at the time of publication on Monday, according to Benzinga Pro.
Read Next:
25 Stocks That Could Jump 100x According To This 40-Year Study
Image: Shutterstock.