- Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) reported Q1 2023 revenues of 32.4% Y/Y to $597.3 million, missing the consensus of $601.7 million.
- Pro forma combined comparable store sales (including Main Event branded stores) fell 4.1% Y/Y in the quarter.
- Adjusted EBITDA increased 29.8% Y/Y to $182.1 million, with margins contracting to 30.5% from 31.1% a year ago.
- EPS of $1.45 exceeded the consensus of $1.24.
- Operating cash flow stood at $92.4 million in the quarter vs. $148.6 million a year ago.
- Cash and equivalents stood at $91.5 million at the end of the quarter.
- Repurchase: PLAY repurchased shares worth $125.5 million in the quarter.
- Also, subsequent to the end of the quarter, the company purchased shares worth $74.5 million.
- “As a testament to the conviction we have in the long-term success of our business and the value we see in our shares, we have repurchased $200 million of common stock thus far in fiscal 2023, reducing our shares outstanding by nearly 12%. We see tremendous upside as we continue to drive value creation for our stakeholders and we look forward to keeping you updated on our progress,” said Chris Morris, CEO.
- Along with the Q1 release, PLAY announced two significant deals for expanding in India and Australia.
- The company inked a 15-store deal with the Malpani Group in India and a 5-store agreement with the NightOwl Entertainment Group in Australia.
- Price Action: PLAY shares are trading higher by 2.87% at $34.71 premarket on the last check Wednesday.
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