Dave and Buster's Entertainment Inc (PLAY)

[eastunder]

Dave & Buster’s Provides Business Update; Increases First Quarter Revenue Guidance to $252 - $257 Million

Dave & Buster's Entertainment, Inc.
Tue, April 20, 2021, 4:30 AM·5 min read

https://finance.yahoo.com/news/dave-buster-provides-business-increases-103000578.html

DALLAS, April 20, 2021 (GLOBE NEWSWIRE) -- In advance of meetings with investors scheduled to take place this week, Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today provided an update on business trends through April 18, 2021, representing the first 11 weeks of its 13 week fiscal first quarter, which began February 1, 2021 and ends May 2, 2021.

The Company began the first quarter with 107 open stores, or approximately 76% of its total store base. As of April 18, the Company had reopened a total of 138 stores, or approximately 98% of its 141 store base, including 11 New York stores which opened in March and 15 California stores that reopened between mid-March and mid-April. Most locations continue to operate under reduced hours and capacity limitations, including 7 stores that are restricted to food and beverage operations only.

As of April 18, through the first eleven weeks of the first quarter:

Overall comparable store sales were -38% compared to 2019 levels1

Sales at fully operational comparable stores achieved 81% of 2019 levels1

Quarter-to-date sales totaled approximately $228 million with two weeks remaining in the period

Based on these preliminary results and assuming a normal seasonal sales deceleration and no other unforeseen factors over the remainder of the quarter, the Company now expects first quarter sales to total between approximately $252 million and $257 million, compared to the Company’s prior expectations of $210 million to $220 million.

Chief Executive Officer Brian Jenkins said, “We have been very pleased with our recently reopened stores in New York and California, which have produced some of our strongest early sales recoveries to date. Their performance, in tandem with economic stimulus, expanding vaccines and a favorable Easter and spring break shift, has accelerated sales recovery trends across our entire store base.”

The Company expects to report final first quarter 2021 financial results in early June 2021.

1The Company believes that calculating 2021 comparable store sales against 2019 results provides a more meaningful comparison vs. against COVID-affected 2020 results.

About Dave & Buster’s Entertainment, Inc.

Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 141 venues in North America that combine entertainment and dining and offer customers the opportunity to "Eat Drink Play and Watch," all in one location. Dave & Buster's offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster's currently has stores in 40 states, Puerto Rico, and Canada.