Dave & Buster’s has reported record second quarter revenue of US$542.1m for 2023.
The figure is an increase of 15.7 per cent when compared with the second quarter of 2022.
Net income totalled $25.9m for the period, compared with $29.1m in 2022.
It means that the company ended the quarter with $572.8m of liquidity. It has also increased its share repurchase programme, buying 2.1m shares at a total cost of $74.5m during the second quarter. It means that in total the company has now repurchased 5.7m shares, totalling $200m and representing 11.8 per cent of the company’s outstanding shares.
During the period, the company opened two new Dave & Buster’s locations and one new Main Event store.
Chris Morris, Dave & Buster’s chief executive officer, commented: “As we enter the second half of 2023, we remain as confident as ever in our ability to execute against the numerous and sizeable growth initiatives that we laid out in our recent investor day presentation and which we have already begun implementing.
“During the quarter, we are pleased that we continued to open new stores at highly attractive returns on invested capital, that we have diligently managed our cost structure and continued to expand our Adjusted EBITDA margins, and that our exceptional team has done a phenomenal job navigating our highly profitable and resilient business model through a dynamic period in our economy and against strong top line comparisons versus 2022. We are laser focused on optimising our business and growing revenue, adjusted EBITDA and cash flow.”
