Bowlero Corp, one of the world’s biggest bowling and FEC operators, has announced a seven per cent increase in revenues for the third quarter of its 2024 financial year when compared to last year.
Revenue stood at US$337.7m for the quarter that ended on March 31, 2024.
Two new locations were added during the quarter, one through acquisition and one being a new built-out, which brings the total number of new locations opened in the last financial year to 23, taking Bowlero to 352 locations in total.
Same store revenue declined by 2.1 per cent versus the prior year, while adjusted EBITDA was $122.8m when compared to $127.6m last year.
Thomas Shannon, founder and CEO of Bowlero, said: “Third quarter fiscal year 2024 started slowly due to weather. Post the first three weeks of January, we found a stable footing and increased investments to drive traffic. After the first three weeks of the quarter, we achieved a positive same-store-comp and double-digit total growth.
"Lucky Strike Miami opened in the quarter with exciting results, and we expect to have four more new builds opening in the next nine months with two in the Denver area and two in California.”
The company also announced that it has purchased Raging Waves, a water park located in Illinois, US. Commenting on the purchase, Shannon said: “We bought the park at an attractive price with the opportunity to partner with a strong operator in the space.
“We will continue to use internal and external investments to support increasing wallet share from customers in the out-of-home entertainment space, helping grow our industry-leading free cash flow generation.”
