Dave & Buster’s revenues tumbled by more than 50 per cent in the first quarter of 2020, the company revealed.
Revenues totalled $159.8m compared with $363.6m as its business was devastated by the Covid-19 virus. The company reported yesterday that it had reopened 28 of its 137 stores in the US by the end of last week, and this week took that number to 48 across 15 states.
There was a net loss of $43.5m, said the company, and the EBITDA loss was $26.1m compared with +$88.9m for the same period of last year.
Said CEO Brian Jenkins: “In response to these unprecedented challenges, our leadership team acted thoughtfully and decisively. First, we focused on extending the company’s liquidity horizon through aggressive cash conservation efforts and securing new equity capital. We then turned our attention to safely reopening stores, taking the opportunity to think differently about our operating model and to recalibrate our strategic initiatives.”
