Business
Dave & Buster’s Reports Third Quarter 2023 Financial Results, Repurchases $100 Million of Shares and Executes Sale Leaseback of Four Properties for $86 Million
DALLAS, Dec. 05, 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, Dec. 05, 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 third quarter ended October 29, 2023. Key Third Quarter 2023 Highlights Third quarter revenue of $466.9 million decreased 3.0% from the third quarter of 2022.Pro forma combined comparable store sales (including Main Event branded stores) decreased 7.8% compared with the same period in 2022 and increased 8.1% compared with the same period in 2019.Net loss totaled $5.2 million, or $(0.12) per diluted share, compared with net income of $1.9 million, or $0.04 per diluted share in the third quarter of 2022. Adjusted net income totaled $0.4 million, or $0.01 per diluted share, compared with adjusted net income of $5.1 million, or $0.10 per diluted share in the third quarter of 2022.Adjusted EBITDA of $81.6 million, or 17.5% of revenue, in the quarter decreased 5.2% from the third quarter of 2022. Key Year-to-Date 2023 Highlights Revenue of $1.61 billion increased 14.7% from the same period in 2022, and increased 0.3% compared to pro forma revenue from the same period in 2022.Pro forma combined comparable store sales (including Main Event branded stores) decreased 5.9% compared with the same period in 2022 and increased 8.1% compared with the same period in 2019.Net income totaled $90.8 million, or $2.01 per diluted share, compared with net income of $98.0 million, or $1.99 per diluted share in the same period in 2022. Adjusted net income totaled $115.0 million, or $2.55 per diluted share, compared with adjusted net income of $117.2 million, or $2.38 per diluted share in the same period in 2022.Adjusted EBITDA of $403.9 million, or 25.1% of revenue, increased 18.1% compared to the same period in 2022, and increased 3.8% compared to pro forma Adjusted EBITDA in the same period in 2022. Other Highlights The Company ended the third quarter with $554.2 million of liquidity, which included $64.0 million in cash and $490.2 million available under its $500 million revolving credit facility.The Company opened two new Dave & Buster's stores and one new Main Event store in the third quarter.The Company repurchased 2.8 million shares at a total cost of $100.0 million in the third quarter. Total share repurchases t...