Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) stock gained by 1.35% at last close while the PLAY stock price surged by 3.93% in the pre-market trading session. Dave & Buster’s Entertainment, founded in 1982 and headquartered in Dallas, Texas, is the owner and operator of 143 venues throughout North America that mix entertainment and food and allow patrons to “Eat Drink Play and Watch” all in one place.
PLAY stock’ Financial Outcomes
Dave & Buster’s Entertainment announced its financial outcomes for the third quarter of 2021. Here’s the summary:
- Revenue climbed 6.2 percent to $318.0 million in the third quarter of 2021, up from $109.1 million in the third quarter of 2020 and $299.4 million in the third quarter of 2019.
- Comparable store sales climbed 1.1 percent year over year, excluding 7 shops in areas where vaccine mandates were in effect during the quarter. Comparable store sales were down 0.4 percent in the first quarter of 2019 as compared to the third quarter of 2019.
- In the third quarter of 2021, net income was $10.6 million, or $0.21 per diluted share, relative to a net loss of $48.0 million, or $1.01 per share, in the third quarter of 2020 and net income of $0.5 million, or $0.02 per diluted share, in Q3 of 2019.
- Adjusted EBITDA grew 47.4% from the third quarter of 2021 to $68.2 million, or 21.5 percent of revenue, relative to a loss of $16.0 million in Q3 2020 and $46.3 million, or 15.5 percent of revenue, in the third quarter of 2019.
Kevin Sheehan, Dave & Buster’s Interim CEO commented that,
They are glad to report good financial results for the third quarter. Since taking over the position, he has been pleased by their team’s dedication to operating in this ever-changing climate. He is looking forward to working with them as they strive for more consistent operations across their stores. With an aim of maximizing the Company’s huge upside potential, they’ve started a new period of innovation, development, and value creation. He is optimistic about the future and eager to update all of their stakeholders on their progress.