Dave & Buster's Shares Rally Nearly 9% On Earnings, Revenue Beat
Dave & Buster's Entertainment Inc. said Tuesday it earned $12.6 million, or 29 cents a share, in the second quarter, reversing a loss of $13.9 million, or 42 cents a share, a year ago. Adjusted for one-time items, the company earned 40 cents a share. Revenue rose nearly 20% to $217.3 million in the quarter, Dave & Buster's said. Analysts polled by FactSet had expected the company to report adjusted earnings of 23 cents a share on sales of $204.3 million in the quarter. Comparable-store sales rose 11% in the quarter, compared with a 5.7% increase in the same period last year, the company said. The company also raised its outlook for the year to total revenues between $844 million and $853 million, compared with a previous forecast between $822 million to $831 million. Shares of Dave & Buster's rallied 9% in late trading Tuesday after ending the regular session up 1.8%.
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