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Dave & Buster's shares soar on strong earnings report, raised revenue guidance
Shares of Dave & Buster's Entertainment (PLAY) soared more than 18 percent Wednesday after the company posted quarterly earnings and revenue that topped analysts' expectations.
The company, which offers full-service restaurants and video arcades, also raised its full-year revenue guidance.
On Tuesday, Dave & Buster's posted fiscal third-quarter earnings of 25 cents per share on revenue of $228 million. Analysts expected it to report earnings of 14 cents a share on revenue of $216.7 million, according to Thomson Reuters consensus estimates.
CEO Steve King said the company saw "broad-based" strength and momentum across the country during the quarter.
"Guests responded well to the conclusion of our 'Summer of Games' promotion, along with our subsequent football-related promotions," King said in the earnings release. He added the company expects to open 11 new stores this year .
Dave and Buster's said comparable store sales increased 5.9 percent in the third quarter compared to an 8.8 percent increase in the same period last year.
The company said it expects comparable store sales to increase between 2.5 percent to 4.5 percent in the fourth quarter. It predicts total revenues for 2016 between $998 million to $1 billion, compared to a previous estimate between $983 million to $995 million.
With Wednesday's gains, the stock has climbed 36 percent so far this year..
Dave & Buster's Entertainment 5-Day Chart
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