Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) shares are trading higher Wednesday after the company reported first-quarter financial results.
- Q1 Revenue: $597.3 million missed estimates of $601.71 million
- Q1 EPS: $1.45 beat estimates of $1.24
Revenue was up 32.4% year-over-year, while comparable store sales climbed 4.1%.
The company said it signed two international franchise agreements for up to 15 stores in India and up to 5 stores in Australia.
Dave & Buster’s said it repurchased 3.6 million shares during the first quarter and ended the period with $581.7 million in liquidity, which included $91.5 million in cash.
“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 environments,” said Chris Morris, CEO of Dave & Buster’s.
Dave & Buster’s said it continues to focus on optimizing its business model to drive revenue and create cost savings across the company. It also plans
Following the print, BMO Capital analyst Andrew Strelzik maintained Dave & Buster’s with an Outperform and raised the price target from $55 to $60.
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PLAY Price Action: Dave & Buster’s shares were up 23.8% at $41.77 at the time of writing, according to Benzinga Pro.
Photo: Raila Spindola Raila from Pixabay.
