Business
Dave & Buster’s Reports Strong First Quarter 2021 Financial Results
DALLAS, June 10, 2021 (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 10, 2021 (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 of fiscal year 2021, which ended on May 2, 2021. The Company began the first quarter with 107 open stores, or approximately 76 percent of its total store base. As of May 2, the Company had 138 open stores, including its New York and California stores which reopened in March and April. The Company also opened one new store during the quarter, bringing its total store count to 141. Most stores open during the quarter operated under reduced hours and capacity limitations for at least a portion of the period, as dictated by each jurisdiction. Comparable results for the first quarter of 2020 were severely impacted by the closure of all stores as of March 20, 2020 as an initial response to the COVID-19 pandemic. Key First Quarter 2021 Highlights Revenues totaled $265.3 million compared with $159.8 million in the first quarter of 2020 and $363.6 million in the first quarter of 2019Overall comparable store sales declined 35% compared with the same period in 2019Comparable store sales at fully operational stores declined 17% compared with the same period in 2019Net income totaled $19.6 million, or $0.40 per diluted share, compared with net loss of $43.5 million, or $1.37 per share in the first quarter of 2020 and net income of $42.4 million, or $1.13 per diluted share in the first quarter of 2019EBITDA totaled $72.1 million, or 27.2% of revenues, compared with EBITDA loss of $26.1 million in the first quarter of 2020 and EBITDA of $88.9 million, or 24.4% of revenues, in the first quarter of 2019Store-level operating income before depreciation and amortization was positive in 119 stores during the quarter and in 127 stores for the final month ended May 2, 2021Generated $77 million in operating cash flow and used $60 million to completely pay down revolving credit facilityEnded the quarter with $20 million in cash and approximately $340 million of liquidity available under the Company’s revolving credit facility, net of a $150 million minimum liquidity covenant and $10 million in letters of credit Brian Jenkins, Dave & Buster’s Chief Executive Officer, said, “The strength and resilience of the ...