Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY) today announced financial results for its first quarter 2018, which ended on May 6, 2018. Total revenues increased 9.2% to $332.2 million from $304.1 million. Net income of $42.2 million, or $1.04 per diluted share, vs. net income of $42.8 million, or $0.98 per diluted share. EBITDA decreased 2.3% to $86.1 million from $88.2 million while Adjusted EBITDA increased 0.4% to $95.9 million from $95.6 million.
“We continue to be pleased with our new store performance and are confident in our unit growth guidance for the year. We opened six stores during the quarter, our fastest pace so far, and these openings include a few that have delivered some of the highest volume openings in our history. The 2017 class of stores is also performing well for us, on track to achieve strong first year returns in line with our recent classes of stores. At the same time, evolving the brand and improving comparable store performance is a priority for us. The upcoming launch of our proprietary virtual reality platform, and the new 100% Angus Butcher’s Blend burger are just two examples of improvements in our overall offering,” said Steve King, Chief Executive Officer.
“We delivered near double-digit revenue growth and drove EBITDA and Adjusted EBITDA growth of approximately 2% and 4% respectively on a comparable week basis, excluding the 2017 use tax settlement. While comparable store sales declined in the first quarter this year, I’m confident that our operating team’s continued focus on execution will drive improved results over time,” said Brian Jenkins, Chief Financial Officer.
During the first quarter of 2018, the company repurchased approximately 606,000 shares for $27.4 million, with an additional 247,000 shares for $10.1 million through June 6, 2018 during the second quarter. As of the same date, cumulatively, the company had repurchased 4.1 million shares for $218.2 million under our $300 million share repurchase authorization.