US-based FEC operator Dave & Buster's has announced results for its first quarter ended April 29, 2012.
Total revenues increased 10 per cent to $163.5m in the first quarter of 2012, compared with $148.6m in the first quarter of 2011.
The year-over-year revenue increase was primarily driven by a $16.1m increase in revenues from non-comparable stores.
Revenues at comparable stores were essentially flat compared to the first quarter of 2011. Across all stores, food and beverage revenues increased $4.9m or 6.6 per cent and amusements and other revenues increased $10m or 13.4 per cent compared to the first quarter of 2011. Adjusted EBITDA increased 18.0 per cent to $39.7m in the first quarter of 2012 versus $33.6m in the first quarter of fiscal 2011.
"We achieved record Adjusted EBITDA results, primarily fuelled by the stores we opened in 2011 and early 2012," said Steve King, CEO of Dave & Buster's. "While the exceptionally mild winter across the country hurt our comparable store sales, our margin enhancing initiatives enabled us to deliver exceptional results."
