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Dave & Buster’s Reports Strong First Quarter 2021 Financial Results
DALLAS, June 10, 2021 (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 first quarter of fiscal year 2021, which ended on May 2, 2021.
The Company began the first quarter with 107 open stores, or approximately 76 percent of its total store base. As of May 2, the Company had 138 open stores, including its New York and California stores which reopened in March and April. The Company also opened one new store during the quarter, bringing its total store count to 141. Most stores open during the quarter operated under reduced hours and capacity limitations for at least a portion of the period, as dictated by each jurisdiction. Comparable results for the first quarter of 2020 were severely impacted by the closure of all stores as of March 20, 2020 as an initial response to the COVID-19 pandemic.
Key First Quarter 2021 Highlights
|§||Revenues totaled $265.3 million compared with $159.8 million in the first quarter of 2020 and $363.6 million in the first quarter of 2019|
|§||Overall comparable store sales declined 35% compared with the same period in 2019|
Comparable store sales at fully operational stores declined 17% compared with the same period in 2019
|§||Net income totaled $19.6 million, or $0.40 per diluted share, compared with net loss of $43.5 million, or $1.37 per share in the first quarter of 2020 and net income of $42.4 million, or $1.13 per diluted share in the first quarter of 2019|
|§||EBITDA totaled $72.1 million, or 27.2% of revenues, compared with EBITDA loss of $26.1 million in the first quarter of 2020 and EBITDA of $88.9 million, or 24.4% of revenues, in the first quarter of 2019|
|§||Store-level operating income before depreciation and amortization was positive in 119 stores during the quarter and in 127 stores for the final month ended May 2, 2021|
|§||Generated $77 million in operating cash flow and used $60 million to completely pay down revolving credit facility|
|§||Ended the quarter with $20 million in cash and approximately $340 million of liquidity available under the Company’s revolving credit facility, net of a $150 million minimum liquidity covenant and $10 million in letters of credit|
Brian Jenkins, Dave & Buster’s Chief Executive Officer, said, “The strength and resilience of the Dave & Buster’s brand has never been more evident. We saw a significant improvement in demand across our store base in the first quarter, including at our recently re-opened New York and California stores. We generated $265 million in total sales, surpassing the top end of our expected range for the quarter, and established a new high-water mark in our post-Covid sales recovery. This strong sales rebound, coupled with our lean operating model, drove outstanding profit flow-through during the quarter, and generated $72 million in EBITDA, only 19% below the first quarter of 2019.”
Mr. Jenkins concluded, “Our brand is back, we have a solid financial foundation, and we are ready to move full speed ahead into summer. We are encouraged by our momentum and are thankful for the hard work and commitment of all of our team members.”
First Quarter 2021 Results
Total revenues of $265.3 million increased 66.0% from $159.8 million in the first quarter of 2020 and declined 27% from $363.6 million in the first quarter of 2019. Comparable store sales decreased 35% compared with the first quarter of 2019. By month, first quarter 2021 comparable store sales compared with first quarter 2019 declined 59% in February, 31% percent in March and 12% in April. (The company has chosen to continue reporting comparable store sales versus 2019 in order to provide a more meaningful comparison.) Non-comparable store revenue totaled $57.0 million compared with $24.2 million in the first quarter of 2020.
The following information was filed by Dave Buster's Entertainment, Inc. (PLAY) on Thursday, June 10, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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