Dave Buster''s stock jumps after earnings beat
Dave Buster''s Entertainment Inc. shares jumped 6% in Tuesday premarket trading after it reported first-quarter earnings that blew past expectations. Net income totaled $67.0 million, or $1.35 per share, up from $19.6 million, or 40 cents per share, last year. Revenue of $451.1 million was up from $265.3 million. The FactSet consensus was for EPS of $1.16 and revenue of $440.6 million. Comparable sales were up 10.9% versus the same period in 2019. "We are benefiting from a higher mix of amusements and a leaner operating model," said Michael Quartieri, Dave Buster''s chief financial officer, in a statement. "While we are still experiencing pressures from wage and commodity inflation, our margins continued to improve as we have offset inflationary costs with a more efficient labor model, costs savings and efficiencies and thoughtful pricing actions." For the first five weeks of the second quarter, Dave Buster''s has experienced a comparable store sales rise of 12.2% versus the same period in 2019.
Dave Buster''s stock jumps after earnings beat
Dave Buster''s Entertainment Inc. shares jumped 6% in Tuesday premarket trading after it reported first-quarter earnings that blew past expectations. Net income totaled $67.0 million, or $1.35 per share, up from $19.6 million, or 40 cents per share, last year. Revenue of $451.1 million was up from $265.3 million. The FactSet consensus was for EPS of $1.16 and revenue of $440.6 million. Comparable sales were up 10.9% versus the same period in 2019. "We are benefiting from a higher mix of amusements and a leaner operating model," said Michael Quartieri, Dave Buster''s chief financial officer, in a statement. "While we are still experiencing pressures from wage and commodity inflation, our margins continued to improve as we have offset inflationary costs with a more efficient labor model, costs savings and efficiencies and thoughtful pricing actions." For the first five weeks of the second quarter, Dave Buster''s has experienced a comparable store sales rise of 12.2% versus the same period in 2019.