Sunday, 14 April 2024


Dave & Buster’s Q4 results show strategic growth amid challenges By

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Dave & Buster’s Entertainment, Inc. (PLAY) reported a robust fourth quarter and full year for 2023, with Q4 revenue reaching $599 million and adjusted EBITDA hitting $152 million. The company faced weather-related challenges but still managed to deliver strong financial results, benefiting from an extra operating week. Dave & Buster’s demonstrated progress in its growth initiatives and remains on track to achieve a $1 billion adjusted EBITDA target in the future. The company plans to open 15 new stores in fiscal year 2024, remodel 35-45 existing ones, and has increased its share repurchase authorization to $200 million.

Key Takeaways

  • Dave & Buster’s fourth-quarter revenue was $599 million with adjusted EBITDA of $152 million.
  • The company opened six new domestic stores and signed an additional franchise agreement.
  • Initiatives include marketing optimization, strategic game pricing, and improved food and beverage offerings.
  • Dave & Buster’s plans to open 15 new stores and remodel 35-45 existing stores by the end of fiscal year 2024.
  • The company increased its share repurchase authorization to $200 million.

Company Outlook

  • Dave & Buster’s is confident in reaching its $1 billion adjusted EBITDA target in the coming years.
  • The company expects fiscal year 2024 to be transformative with the opening of new stores and store remodels.
  • They are focusing on creating significant shareholder value and driving sustainable and profitable growth.

Bearish Highlights

  • Pro forma comparable store sales decreased by 7% compared to 2022.
  • The company reported choppiness in visitation, especially among lower-income consumers.

Bullish Highlights

  • Revenue and adjusted EBITDA showed strong performance despite weather-related challenges.
  • Pro forma comparable store sales were up 8% compared to Q4 2019.
  • New initiatives like $2 beers and all-you-can-eat wings offers have been successful.


  • There were no specific financial misses mentioned in the provided context.

Q&A Highlights

  • The company is seeing no negative impact from game pricing adjustments on dwell time or value proposition.
  • Dave & Buster’s has observed consistent spending levels once customers are in the stores.
  • They have seen strength in high-end consumers, with the rest behaving normally.

Dave & Buster’s has made strides in its strategic initiatives, including a phased rollout of a new menu and service model, and investing in technology to enhance the guest experience. The company has also been successful with its store remodels, which include…

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