The US-based entertainment and dining giant Dave & Buster’s has reported its finances for the first quarter of 2022, ended May 1.
The company said revenue has increased 24.1 per cent from the first quarter of 2019 to a record US$451.1m, compared to $265.3m from the first quarter of 2021.
Comparable store sales increased 10.9 per cent within the same period in 2019.
Net income totalled a record $67m, compared to $19.6 in the first quarter of 2021.
Adjusted EBITDA increased 45.9 per cent from the first quarter of 2019 to a record $143.2m, or 31.8 per cent of revenue, compared with adjusted EBITDA of $76.7m in the first quarter of 2021.
Dave & Buster’s ended the quarter with $139.1m in cash and approximately $492.5m of liquidity available under the company’s $500m revolving credit facility, net of a $7.5m minimum in letters of credit.
Kevin Sheehan, interim CEO at Dave & Buster’s, said: “We set records for revenue, net income and adjusted EBITDA in the first quarter, indicating a return to a normalised operating environment.
“We are excited about the trajectory of our business and particularly the next few months as we begin our “Summer of Games” roll-out that we hope will drive even more visitation to our stores.
“We are excited to add Main Event to the Dave & Buster’s team. Their strong management team and strategic fit with our company provide for even more growth opportunities, for both brands, which will benefit all stakeholders.
“We expect to close the transaction in a few weeks and we will have more to say about Main Event shortly thereafter.”
