Market Updates
Dave Buster's Quarterly Net Income Drops On Higher Expenses
Scott Peters
08 Sep, 2022
New York City
Dave & Buster's Entertainment Inc fell 10.3% to $39.47 after the restaurant operator reported better-than-expected revenues and comparable same store sales but net income fell more than estimated.
Total revenue in the second quarter ending in July increased 24% to record $468.4 million.
During the quarter, net income totaled $29.1 million or 59 cents a diluted share from $52.8 million or $1.07 a year ago.
Net income was $32.4 million or 90 cents per diluted share in the pre-pandemic second quarter of 2019.
Comparable sales in the second quarter at Dave & Buster's brand stores rose 9.6% compared to second quarter 2019.
Stock Buybacks
During the second quarter, the company repurchased 764,988 shares for $25 million under its $100 million authorized share repurchase program.
Third Quarter Look Ahead
The restaurant operator said its business has continued to improve through the first five weeks of the third quarter.
Consolidated comparable store sales increased 22.1%, reflecting 17.6% increase at Dave & Buster
Annual Returns
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Earnings
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