US-based FEC operator Dave and Buster's has announced results for its fiscal year and fourth quarter ended January 29, 2012.
Total revenues increased 6.3 per cent to $144m in the fourth quarter of 2011, compared to $135.5m in the fourth quarter of 2010. The year-over-year revenue increase was driven by a $1m increase in comparable store sales and a net $7.5m increase in revenues from non-comparable stores and other revenue sources.
Across all stores amusements and other revenues increased $5.6m compared to the fourth quarter of 2010. Adjusted EBITDA increased 7.1 per cent to $29.9m in the fourth quarter of 2011 versus $28m in the fourth quarter of fiscal 2010.
Total revenues for the year period increased 3.8 per cent to $541.5m from $521.5m for the comparable period last year. Positive revenue gains were partially offset by a $2.4m revenue reduction related to the second quarter 2011 closure of a store in Dallas, Texas. Total revenues from amusements and other increased $14.9m or 5.9 per cent. Adjusted EBITDA for the period increased 14 per cent to $98.4m versus $86.3m for the comparable period last year.
Commenting on the results, D&B's CEO Steve King said: "We are extremely pleased with our performance in 2011. A return to positive comparable store sales, diligent management of our costs and an outstanding group of new stores combined for our best adjusted EBITDA year ever."
