Business
Dave & Buster’s Reports Record First Quarter 2023 Financial Results; Announces $200 Million of Shares Repurchased to Date in FY 2023; Opened Four New Stores and Enters into Two International Franchise Agreements
DALLAS, June 06, 2023 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of
About this update from Dave & Buster's Entertainment, Inc.
[{"type":"text","content":"DALLAS, June 06, 2023 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), (\"Dave & Buster's\" or \"the Company\"), an owner and operator of entertainment and dining venues, today announced financial results for its first quarter ended April 30, 2023. Key First Quarter 2023 Highlights Record revenue of $597.3 million in the quarter increased 32.4% from the first quarter of 2022. Including the pro forma contribution of Main Event in the first quarter of 2022, the year-over-year growth was $21.8 million, or 3.8%.Pro forma combined comparable store sales (including Main Event branded stores) decreased 4.1% compared with the same period in 2022 and increased 10.3% compared with the same period in 2019.Record Net income totaled $70.1 million, or $1.45 per diluted share, compared with net income of $67.0 million, or $1.35 per diluted share in the first quarter of 2022.Record Adjusted EBITDA of $182.1 million in the quarter increased 29.8% from the first quarter of 2022. Including the pro forma contribution of Main Event in the first quarter of 2022, the year-over-year Adjusted EBITDA growth was $7.9 million, or 4.6%.The Company repurchased 3.6 million shares in the first quarter at a total cost of $125.5 million. Subsequent to the end of the quarter, the Company has purchased an additional 2.1 million shares at a total cost of $74.5 million, bringing the total repurchases in fiscal 2023 to 5.7 million shares totaling $200.0 million, representing 11.8% of the outstanding shares as of the end of fiscal 2022.Ended the quarter with $581.7 million of liquidity, which included $91.5 million in cash and $490.2 million available under its $500 million revolving credit facility.Opened a new Dave & Buster's store in Puerto Rico and three new Main Event stores in Little Rock, AR, Tucson, AZ, and Lexington, KY.Signed two international franchise agreements for up to 15 stores in India and up to 5 stores in Australia. \"We are pleased to report strong results for our first quarter of fiscal 2023. Our extremely talented team of operators and support center employees continue to execute on the breadth of strategic opportunities we've identified to unlock significant revenue growth and cost efficiency opportunities in our business which will continue to bring meaningful upside to all stakeholders and in all macro-economic environm...