Bowlero Corp. (NYSE:BOWL) reported worse-than-expected third-quarter sales results on Monday.
Bowlero posted GAAP earnings of 13 cents per share, missing market expectations of 26 cents per share. The company’s quarterly sales came in at $337.670 million missing estimates of $341.414 million, according to data from Benzinga Pro.
“Third quarter fiscal year 2024 started slowly due to weather. Post the first three weeks of January, we found a stable footing and increased investments to drive traffic. After the first three weeks of the quarter, we achieved a positive same-store-comp and double-digit total growth. Lucky Strike Miami opened in the quarter with exciting results, and we expect to have four more new builds opening in the next nine months with two in the Denver area and two in California. Summer Season Pass returned this year, and we expect that our continued investments in traffic will drive results throughout the spring and fall,” said Thomas Shannon, Founder and Chief Executive Officer of Bowlero.
Bowlero said it sees revenue and adjusted EBITDA near the low end of FY24 guidance.
Bowlero shares fell 10.3% to close at $11.20 on Monday.
These analysts made changes to their price targets on Bowlero following earnings announcement.
- Oppenheimer cut the price target on Bowlero from $18 to $15. Oppenheimer analyst Ian Zaffino maintained an Outperform rating.
- Stifel lowered the price target on Bowlero from $19 to $17. Stifel analyst Steven Wieczynski maintained a Buy rating.
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