Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY) shares fell from USD 51.50 to USD 40.50 after reporting its fiscal first-quarter earnings and disappointing sales.
The Company increased its total revenues by 9.5% to USD 363.6 Million from USD 332.2 Million, opened seven new stores, earned a net income of USD 42.4 Million and shrank by 0.3% in comparable store sales.
Dave & Buster’s currently looks toward the adoption of a new financial guide, which is expected to increase total revenues of USD 1.37 Billion to USD 1.4 Billion, increase comparable store sales of Flat to 1.5 and grow net income from USD 105 Million to USD 117 Million.
According to TheStreet, Chief Executive Officer Brian Jenkins said, “We delivered robust revenue and EPS growth and our new store performance remained strong, but comparable-store sales were below expectations largely due to the Easter shift, which proved unfavorable this year. We are fully committed to executing on our four strategic priorities to strengthen the brand and remain focused on creating significant shareholder value over the long term.”