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Arvind Bhatia, CFA
Dave & Buster’s Entertainment, Inc.
Dave & Buster’s Achieves Q4 Comparable Store Sales Increase of 2.9%
Delivers Double-Digit Unit and Revenue Growth in 2018
Announces Additional $200 Million Share Repurchase Authorization
DALLAS, April 2, 2019 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of entertainment and dining venues, today announced financial results for its fourth quarter 2018, which ended on February 3, 2019.
Key highlights from the fourth quarter 2018 (13 weeks) compared to the fourth quarter 2017 (14 weeks) include:
|§||Total revenues increased 8.8% to $331.8 million from $304.9 million, or 15.7% on a comparable 13-week basis*|
|§||Opened three new stores compared to five new stores|
|§||Comparable store sales increased 2.9% (comparable 13-week basis)|
|§||Net income of $29.4 million, or $0.75 per diluted share, vs. net income of $35.6 million, or $0.85 per diluted share. Net income for the fourth quarter of 2017 exclusive of the beneficial impact of certain tax adjustments related to tax reform** and an additional week in the quarter* was $27.3 million, or $0.66 per diluted share|
|§||EBITDA increased 1.9% to $72.1 million from $70.8 million, or 5.6% on a comparable 13-week basis|
|§||Adjusted EBITDA decreased 2.8% to $80.2 million from $82.5 million, but increased 1.2% on a comparable 13-week basis|
|§||Launched Dragonfrost, our proprietary virtual reality title, in December|
|§||Repurchased 1.3 million shares for $63.0 million and paid a quarterly cash dividend of $0.15 per share|
Key highlights from the full year 2018 (52 weeks) compared to the full year 2017 (53 weeks) include:
|§||Total revenues increased 11.0% to $1.265 billion from $1.140 billion, or 12.9% on a comparable 52-week basis***|
|§||Opened 15 new stores compared to 14 new stores|
|§||Comparable store sales decreased 1.6% (comparable 52-week basis)|
|§||Net income of $117.2 million, or $2.93 per diluted share, vs. net income of $120.9 million, or $2.84 per diluted share. Net income for fiscal year 2017 exclusive of the beneficial impact of certain tax adjustments related to tax reform** and an additional week in the year*** was $111.5 million, or $2.62 per diluted share.|
|§||EBITDA increased 4.0% to $279.3 million from $268.5 million, or 5.5% on a comparable 52-week basis|
|§||Adjusted EBITDA increased 2.8% to $311.1 million from $302.7 million, or 4.3% on a comparable 52-week basis|
|§||Launched our industry-leading virtual reality platform|
|§||Repurchased 3.1 million shares for $149.1 million and paid a quarterly cash dividend of $0.15 per share each in the third and fourth quarters of 2018|
The following information was filed by Dave Buster's Entertainment, Inc. (PLAY) on Tuesday, April 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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