Future trends look bright for Dave & Buster’s, the FEC operator, despite its second quarter figures being severely impacted by the Covid-19 pandemic.
All of its stores in the US were closed by the authorities and only one store had reopened on April 30 followed by 26 more by the end of May, 66 by end June and the company ended the second quarter with 84 reopened in 27 US states.
As of September 9, 89 of its properties were open, mostly operating under reduced hours and capacity.
Revenues for the second quarter were $50.8m, down 85 per cent compared with $344.6m. There was a net loss of $58.6m compared with a profit of $32.4m. The EBITDA loss was $46m down from a profit of $79m. But the company said that it had ended the quarter with $224m in cash and equivalents, including $110.6m in proceeds from an offering of 10.6m common shares in May.