Wed, Jun 12, 8:22 PM (87 days ago)
Dave & Buster’s Entertainment, Inc. reported a 1.5% decrease in total revenues for Q1 2024, down to $588.1 million from $597.3 million in Q1 2023. Net income fell to $41.4 million ($0.99 per diluted share) from $70.1 million ($1.45 per diluted share) in the previous year. Adjusted EBITDA decreased by 12.6% to $159.1 million. The decline in comparable store sales was partly offset by revenues from new stores. Operating costs rose due to higher payroll, benefits, and other store operating expenses, while cost of products decreased as a percentage of total revenues. The company reported $108.8 million in cash flow from operations, an increase from $92.4 million in Q1 2023, primarily due to changes in working capital. Capital expenditures rose to $112.8 million. The company repurchased 0.18 million shares for $9.8 million and had $32.1 million in cash and cash equivalents as of May 5, 2024. Future operations are expected to be impacted by ongoing economic conditions and inflationary pressures.