U.S. Movers: Broadcom, Dave & Buster's, Oxford Industries

Scott Peters
13 Jun, 2024
New York City

Dave & Buster's plunged 12.3% to $44.12, and the restaurant chain operator reported sharply lower-than-expected revenue in the first quarter. 

Revenue in the first quarter decreased 1.5% to $588.1 million from $597.3 million, net income fell to $41.4 million from $70.1 million, and diluted earnings per share declined to 90 cents from $1.45 a year ago. 

Comparable sales declined by 5.6% compared to the same calendar period in 2023. 

Year to date, the company has repurchased 1.0 million shares at a cost of $50.0 million, representing 2.4% of the company's outstanding shares as of the end of fiscal 2023. 

The company has $150 million remaining on its share repurchase authorization. 

Broadcom soared 11.3% to $1,671.99 after the company posted better-than-estimated fiscal second quarter revenue of $12.49 billion and adjusted earnings of $10.96 per share. 

Oxford Industries declined 4.5% to $96.95 after the parent company of the apparel retailer Tommy Bahama reported less-than-expected revenue in the first quarter of $398.2 million and adjusted earnings per share of $2.66. 

Revenue in the fiscal first quarter ending on May 4 declined 5.2% to $398.2 million from $420.1 million, net income dropped to $38.3 million from $58.5 million, and diluted earnings per share fell to $2.42 from $3.64 a year ago. 

For the second quarter of fiscal 2024, the apparel retailer expects net sales to range between $430 million and $450 million, compared to net sales of $420 million in the second quarter a year ago. 

The company estimated earnings per share in a range of $2.82 to $3.02 in the second quarter, compared to $3.22 in the second quarter of fiscal 2023. 

Adjusted EPS is expected to be between $2.95 and $3.15, compared to adjusted EPS of $3.45 in the second quarter of fiscal 2023. 

For fiscal 2024 ending on February 1, 2025, the company revised its sales and earnings per share outlook. 

The company now expects net sales in a range of $1.59 billion to $1.63 billion as compared to net sales of $1.57 billion in fiscal 2023. 

In fiscal 2024, GAAP earnings per share are expected to be between $7.99 and $8.39, compared to $3.82 a year ago, and adjusted earnings per share are expected to be between $8.60 and $9.00, compared to $10.15 a year ago.