Confirms 14 New Stores in 2017 and Strong 2018
Pipeline New Store Format Expands Unit Potential By 10% to
20%
Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave
& Buster's" or "the Company"), an owner and operator of
entertainment and dining venues, today announced financial results
for its third quarter 2017, which ended on October 29, 2017.
Key highlights from the third quarter 2017 compared to
the third quarter 2016 include:
- Total revenues increased 9.3% to $250.0 million from $228.7
million.
- Opened one new store compared to two new stores.
- Comparable store sales decreased 1.3%.
- Comparable store sales in Amusements increased 1.1% and in Food
& Beverage decreased 4.2%.
- Net income of $12.2 million, or $0.29 per diluted share, vs.
net income of $10.8 million, or $0.25 per diluted share.
- EBITDA increased 9.8% to $45.6 million from $41.5 million.
- EBITDA margin was flat at 18.2%.
- Hurricanes during the quarter had an unfavorable impact on our
comparable store sales growth, total revenue and EBITDA of
approximately 50 basis points, $2 million and $0.7 million
respectively. In addition, wildfires had an unfavorable impact on
our California stores.
“Our team pulled through remarkably well in the
face of unprecedented weather-related challenges in the quarter and
difficult comparisons to last year. We continue to believe that the
primary growth driver for the business is opening new stores with
great returns. Our 2016 class of stores is trending very well, with
returns close to 50%, in line with the first year returns for our
recent classes of stores. While it is still early, we are also
pleased with the results from our 2017 store openings, which
reaffirms the concept’s broad based appeal. We continue to expect
to open fourteen new stores this year, representing 15% unit
growth. In addition, we are excited to announce a new smaller store
format that expands our brand potential and extends our growth
runway,” said Steve King, Chief Executive Officer.
“We delivered another quarter of strong
financial performance despite significant hurricane headwinds. Both
revenue and EBITDA increased over 9% and excluding the impact of
weather would have been up low double digits. We are also very
pleased with our operating team's focus on execution, which enabled
us to maintain EBITDA margins, despite a slight decline in our
comparable store sales, while also improving the guest experience,”
said Brian Jenkins, Chief Financial Officer.
Share Repurchase Activity
Year-to-date, as of November 30, 2017, we had
repurchased approximately 2.1 million shares of our common stock
for $123.4 million and cumulatively we have repurchased 2.6 million
shares for $152.2 million. As of the same date, we still had nearly
$147.8 million remaining under our current buyback authorization.
Hurricanes and California
Wildfires
During the third quarter, our stores in the
Texas markets affected by hurricane Harvey and in the Florida
markets affected by hurricane Irma remained closed for several
days. In addition, we delayed our Puerto Rico store opening
following hurricane Maria. We estimate these hurricanes had an
unfavorable impact of approximately 50 basis points on our
comparable store sales growth, $2 million on total revenue and $0.7
million on EBITDA. Separately, wildfires had an unfavorable impact
on our California stores.
Review of Third Quarter
2017 Operating Results
Compared to Third Quarter 2016
Total revenues increased 9.3% to $250.0 million
from $228.7 million in the third quarter 2016. Across all stores,
Food and Beverage revenues increased 6.3% to $107.7 million from
$101.3 million and Amusement and Other revenues increased 11.8% to
$142.3 million from $127.3 million. Food and Beverage represented
43.1% of total revenues while Amusements and Other represented
56.9% of total revenues in the third quarter 2017. In last year’s
third quarter, Food & Beverage represented 44.3% of total
revenues while Amusements and Other represented 55.7% of total
revenues.
Comparable store sales decreased 1.3% in the
third quarter 2017 compared to a 5.9% increase in the same period
last year. Our comparable store sales performance was driven by a
0.9% decrease in walk-in sales and a 4.8% decrease in special
events sales. Comparable store sales in Amusements and Other
increased 1.1% and in Food & Beverage decreased 4.2%.
Non-comparable store revenues increased $22.9 million in the third
quarter 2017 to $52.4 million.
Operating income increased to $19.9 million in
the third quarter of 2017 from $18.7 million in last year's third
quarter. As a percentage of total revenues, operating income
decreased 20 basis points to 8.0% from 8.2%.
Net income increased to $12.2 million, or $0.29
per diluted share (42.3 million diluted share base). Fully diluted
earnings per share, excluding the $0.03 per share favorable impact
of ASU 2016-09, and the $0.01 per share unfavorable impact of debt
refinance, was $0.27. This compared to net income of $10.8 million,
or $0.25 per diluted share (43.3 million diluted share base), in
the same period last year.
EBITDA increased 9.8% to $45.6 million in the
third quarter 2017 from $41.5 million in the same period last year.
As a percentage of total revenues, EBITDA was 18.2% in this year’s
third quarter as well as in the comparable period last year.
Store operating income before depreciation and
amortization increased 8.5% to $64.6 million in the third quarter
2017 from $59.6 million in last year's third quarter. As a
percentage of total revenues, Store operating income before
depreciation and amortization decreased 20 basis points to 25.9%
from 26.1%.
Development
In fiscal 2017, we intend to open fourteen new
stores, including ten large and four small store formats. We
currently have eleven stores under construction. We opened one
store during the third quarter in Pineville, North Carolina. During
the fourth quarter, we have already opened four stores in Brandon
(Tampa), Florida; Woodbridge, New Jersey; Auburn, Washington; and
White Marsh (Baltimore), Maryland. New Jersey and Washington are
new states for us. We plan to open one additional store in Bayamon,
Puerto Rico in mid-January. For the fiscal year, eight out of the
fourteen new stores will be in new markets for our brand.
Total capital additions (net of tenant
improvement allowances) during fiscal 2017 are now expected to be
$195 million to $200 million, up from prior guidance of $182
million to $192 million, reflecting our 2017 new store openings as
well as a strong 2018 pipeline.
In fiscal 2018, we plan to open a total of
fourteen to fifteen new stores, representing unit growth of 13% to
14%. These openings will skew towards the large store format and
existing markets for our brand.
We are excited to announce today a new smaller
store format of 15,000 to 20,000 square feet to capitalize on
demand in smaller markets not included in our original plan. Long
term, we see potential to open 20 to 40 of these stores, including
two that are part of our 2018 plan. This new format has the
potential to expand our whitespace opportunity by 10% to 20% beyond
the original target of 211 locations in the United States and
Canada alone.
Financial Outlook
We are updating our financial outlook on several
key metrics for fiscal 2017, which includes 53 weeks and ends on
February 4, 2018:
- Total revenues of $1.148 billion to $1.155 billion (vs. $1.160
billion to $1.170 billion previously).-- Primarily driven by the
impact of hurricanes, including a delay in our Puerto Rico opening;
and reduced comparable store sales guidance
- Comparable store sales increase of 0.0% to 0.75% (on a
comparable 52-week basis) (vs. 1% to 2% previously)
- 14 new stores
- Pre-opening expenses of approximately $23 million (vs. $21
million previously)
- Net income of $110 million to $112 million (vs. $109 million to
$113 million previously)
- EBITDA of $268 million to $272 million (compared to $270
million to $276 million previously)
- Diluted share count of approximately 42.6 million (vs. 42.6
million to 42.8 million previously) (including the year-to-date
impact of ASU 2016-09)
- Effective tax rate of 29.5% to 30.0% (compared to 30.5% to
31.0% previously)-- Effective tax rate and net income guidance
for full year 2017 includes an $11.4 million reduction in our
year-to-date provision for income taxes resulting from the
implementation of ASU 2016-09. The requirements of this standard
will likely further reduce our effective tax rate depending on
future stock option exercises. Our guidance excludes any potential
future impacts of ASU 2016-09 on our effective tax rate
For fiscal 2018, we expect low-double-digit
growth in revenue and high-single-digit to low-double-digit growth
in EBITDA on a comparable 52-week basis. We plan to give more
comprehensive guidance for next year on our fourth quarter 2017
conference call, which is expected in early April 2018.
Conference Call Today
Management will hold a conference call to
discuss these results today at 4:00 p.m. Central Time (5:00 p.m.
Eastern Time). The conference call can be accessed over the phone
by dialing (323) 794-2551 or toll-free (800) 239-9838. A
replay will be available after the call for one year beginning at
7:00 p.m. Central Time (8:00 p.m. Eastern Time) and can be accessed
by dialing (412) 317-6671 or toll-free (844) 512-2921; the passcode
is 9864852.
Additionally, a live and archived webcast of the
conference call will be available
at www.daveandbusters.com under the Investor Relations
section.
About Dave & Buster’s Entertainment,
Inc.
Founded in 1982 and headquartered in Dallas,
Texas, Dave & Buster's Entertainment, Inc., is the owner and
operator of 105 venues in North America that combine entertainment
and dining and offer customers the opportunity to "Eat, Drink, Play
and Watch," all in one location. Dave & Buster's offers a
full menu of "Fun American New Gourmet" entrées and appetizers, a
full selection of alcoholic and non-alcoholic beverages, and an
extensive assortment of entertainment attractions centered around
playing games and watching live sports and other televised
events. Dave & Buster's currently has stores in 36 states
and Canada.
Forward-Looking Statements
The statements contained in this release that
are not historical facts are forward-looking statements. These
forward-looking statements involve risks and uncertainties and,
consequently, could be affected by our level of indebtedness,
general business and economic conditions, the impact of
competition, the seasonality of the company's business, adverse
weather conditions, future commodity prices, guest and employee
complaints and litigation, fuel and utility costs, labor costs and
availability, changes in consumer and corporate spending, changes
in demographic trends, changes in governmental regulations,
unfavorable publicity, our ability to open new stores, and acts of
God. Accordingly, actual results may differ materially from
the forward-looking statements, and the Company therefore cautions
you against relying on such forward-looking statements. Dave
& Buster's intends these forward-looking statements to speak
only as of the time of this release and does not undertake to
update or revise them as more appropriate information becomes
available, except as required by law.
Non-GAAP Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
GAAP, the Company uses the following non-GAAP financial measures:
EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin,
Store operating income before depreciation and amortization, and
store operating income before depreciation and amortization margin
(collectively the "non-GAAP financial measures"). The presentation
of this financial information is not intended to be considered in
isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP. The
Company uses these non-GAAP financial measures for financial and
operational decision making and as a means to evaluate
period-to-period comparisons. The Company believes that they
provide useful information about operating results, enhance the
overall understanding of our operating performance and future
prospects, and allow for greater transparency with respect to key
metrics used by management in its financial and operational
decision making. The non-GAAP measures used by the Company in
this press release may be different from the measures used by other
companies.
|
DAVE & BUSTER'S ENTERTAINMENT,
INC. |
Condensed Consolidated Balance
Sheets |
(in thousands) |
|
ASSETS |
|
October 29, 2017 |
|
January 29, 2017 |
|
|
(unaudited) |
|
(audited) |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
15,258 |
|
$ |
20,083 |
Other current assets |
|
63,855 |
|
|
55,521 |
|
|
|
|
|
Total current assets |
|
79,113 |
|
|
75,604 |
|
|
|
|
|
Property
and equipment, net |
|
686,858 |
|
|
606,865 |
|
|
|
|
|
Intangible
and other assets, net |
|
371,226 |
|
|
370,264 |
|
|
|
|
|
Total assets |
$ |
1,137,197 |
|
$ |
1,052,733 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Total
current liabilities |
$ |
207,127 |
|
$ |
177,797 |
|
|
|
|
|
Other
long-term liabilities |
|
204,580 |
|
|
178,856 |
|
|
|
|
|
Long-term
debt, net |
|
299,940 |
|
|
256,628 |
|
|
|
|
|
Stockholders' equity |
|
425,550 |
|
|
439,452 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,137,197 |
|
$ |
1,052,733 |
|
|
|
|
|
|
DAVE & BUSTER'S ENTERTAINMENT,
INC. |
|
Consolidated Statements of Operations
(Unaudited) |
|
(in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage revenues |
$ |
107,690 |
|
43.1 |
% |
|
$ |
101,343 |
|
|
44.3 |
% |
|
Amusement
and other revenues |
|
142,289 |
|
56.9 |
% |
|
|
127,316 |
|
|
55.7 |
% |
|
Total revenues |
|
249,979 |
|
100.0 |
% |
|
|
228,659 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Cost of food and
beverage (as a percentage of food and beverage revenues) |
|
|
28,387 |
|
26.4 |
% |
|
|
26,560 |
|
|
26.2 |
% |
|
Cost of amusement and
other (as a percentage of amusement and other revenues) |
|
|
16,220 |
|
11.4 |
% |
|
|
15,581 |
|
|
12.2 |
% |
|
Total
cost of products |
|
|
44,607 |
|
17.8 |
% |
|
|
42,141 |
|
|
18.4 |
% |
|
Operating
payroll and benefits |
|
57,967 |
|
23.2 |
% |
|
|
55,034 |
|
|
24.1 |
% |
|
Other store
operating expenses |
|
82,766 |
|
33.1 |
% |
|
|
71,888 |
|
|
31.4 |
% |
|
General and
administrative expenses |
|
13,432 |
|
5.4 |
% |
|
|
13,506 |
|
|
5.9 |
% |
|
Depreciation and amortization expense |
|
25,672 |
|
10.3 |
% |
|
|
22,864 |
|
|
10.0 |
% |
|
Pre-opening
costs |
|
5,609 |
|
2.2 |
% |
|
|
4,553 |
|
|
2.0 |
% |
|
Total operating costs |
|
230,053 |
|
92.0 |
% |
|
|
209,986 |
|
|
91.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
19,926 |
|
8.0 |
% |
|
|
18,673 |
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
2,156 |
|
0.9 |
% |
|
|
1,578 |
|
|
0.7 |
% |
|
Loss on debt
refinancing |
|
|
718 |
|
0.3 |
% |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
17,052 |
|
6.8 |
% |
|
|
17,095 |
|
|
7.5 |
% |
|
Provision
for income taxes |
|
4,895 |
|
1.9 |
% |
|
|
6,340 |
|
|
2.8 |
% |
|
Net
income |
|
$ |
12,157 |
|
4.9 |
% |
|
$ |
10,755 |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
|
$ |
0.26 |
|
|
|
|
Diluted |
$ |
0.29 |
|
|
|
$ |
0.25 |
|
|
|
|
Weighted average shares
used in per share calculations: |
|
|
|
|
|
|
|
|
|
Basic shares |
|
41,077,206 |
|
|
|
|
42,061,235 |
|
|
|
|
Diluted shares |
|
42,250,611 |
|
|
|
|
43,327,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information: |
|
|
|
|
|
|
|
|
|
Company-owned and operated stores open at end of period |
|
101 |
|
|
|
|
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth a reconciliation of net income to EBITDA
and Adjusted EBITDA for the periods shown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,157 |
|
4.9 |
% |
|
$ |
10,755 |
|
|
4.7 |
% |
|
Add back: Interest expense, net |
|
2,156 |
|
|
|
|
1,578 |
|
|
|
|
Loss on
debt refinancing |
|
|
718 |
|
|
|
|
- |
|
|
|
|
Provision for income taxes |
|
4,895 |
|
|
|
|
6,340 |
|
|
|
|
Depreciation and amortization expense |
|
|
25,672 |
|
|
|
|
22,864 |
|
|
|
|
EBITDA |
|
45,598 |
|
18.2 |
% |
|
|
41,537 |
|
|
18.2 |
% |
|
Add back: Loss on asset disposal |
|
321 |
|
|
|
|
514 |
|
|
|
|
Share-based compensation |
|
|
2,557 |
|
|
|
|
1,668 |
|
|
|
|
Pre-opening costs |
|
|
5,609 |
|
|
|
|
4,553 |
|
|
|
|
Other
costs |
|
|
46 |
|
|
|
|
(5 |
) |
|
|
|
Adjusted
EBITDA |
|
$ |
54,131 |
|
21.7 |
% |
|
$ |
48,267 |
|
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth a reconciliation of operating income to
store operating income before depreciation and amortization for the
periods shown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
13 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
$ |
19,926 |
|
8.0 |
% |
|
$ |
18,673 |
|
|
8.2 |
% |
|
Add back: General and administrative expenses |
|
13,432 |
|
|
|
|
13,506 |
|
|
|
|
Depreciation and amortization expense |
|
|
25,672 |
|
|
|
|
22,864 |
|
|
|
|
Pre-opening costs |
|
5,609 |
|
|
|
|
4,553 |
|
|
|
|
Store operating income before depreciation and
amortization |
$ |
64,639 |
|
25.9 |
% |
|
$ |
59,596 |
|
|
26.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
DAVE & BUSTER'S ENTERTAINMENT,
INC. |
|
Consolidated Statements of Operations
(Unaudited) |
|
(in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended |
|
39 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage revenues |
$ |
356,190 |
|
|
42.7 |
% |
|
$ |
326,139 |
|
44.4 |
% |
|
Amusement
and other revenues |
|
478,688 |
|
|
57.3 |
% |
|
|
408,837 |
|
55.6 |
% |
|
Total revenues |
|
834,878 |
|
|
100.0 |
% |
|
|
734,976 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Cost of food and
beverage (as a percentage of food and beverage revenues) |
|
|
91,562 |
|
|
25.7 |
% |
|
|
83,772 |
|
25.7 |
% |
|
Cost of amusement and
other (as a percentage of amusement and other revenues) |
|
|
50,481 |
|
|
10.5 |
% |
|
|
48,628 |
|
11.9 |
% |
|
Total
cost of products |
|
|
142,043 |
|
|
17.0 |
% |
|
|
132,400 |
|
18.0 |
% |
|
Operating
payroll and benefits |
|
187,610 |
|
|
22.5 |
% |
|
|
166,614 |
|
22.7 |
% |
|
Other store
operating expenses |
|
247,663 |
|
|
29.6 |
% |
|
|
214,487 |
|
29.1 |
% |
|
General and
administrative expenses |
|
45,172 |
|
|
5.4 |
% |
|
|
40,131 |
|
5.5 |
% |
|
Depreciation and amortization expense |
|
74,447 |
|
|
8.9 |
% |
|
|
65,108 |
|
8.9 |
% |
|
Pre-opening
costs |
|
14,626 |
|
|
1.8 |
% |
|
|
10,390 |
|
1.4 |
% |
|
Total operating costs |
|
711,561 |
|
|
85.2 |
% |
|
|
629,130 |
|
85.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
123,317 |
|
|
14.8 |
% |
|
|
105,846 |
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
6,073 |
|
|
0.7 |
% |
|
|
5,573 |
|
0.8 |
% |
|
Loss on debt
refinancing |
|
|
718 |
|
|
0.1 |
% |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before provision for income taxes |
|
|
116,526 |
|
|
14.0 |
% |
|
|
100,273 |
|
13.6 |
% |
|
Provision
for income taxes |
|
31,217 |
|
|
3.8 |
% |
|
|
36,845 |
|
5.0 |
% |
|
Net
income |
|
$ |
85,309 |
|
|
10.2 |
% |
|
$ |
63,428 |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
2.05 |
|
|
|
|
$ |
1.52 |
|
|
|
Diluted |
$ |
1.99 |
|
|
|
|
$ |
1.47 |
|
|
|
Weighted average shares
used in per share calculations: |
|
|
|
|
|
|
|
|
|
Basic shares |
|
41,521,802 |
|
|
|
|
|
41,863,932 |
|
|
|
Diluted shares |
|
42,888,659 |
|
|
|
|
|
43,234,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information: |
|
|
|
|
|
|
|
|
|
Company-owned and operated stores open at end of period |
|
101 |
|
|
|
|
|
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth a reconciliation of net income to EBITDA
and Adjusted EBITDA for the periods shown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended |
|
39 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
85,309 |
|
|
10.2 |
% |
|
$ |
63,428 |
|
8.6 |
% |
|
Add back: Interest expense, net |
|
6,073 |
|
|
|
|
|
5,573 |
|
|
|
Loss on
debt refinancing |
|
|
718 |
|
|
|
|
|
- |
|
|
|
Provision
for income taxes |
|
|
31,217 |
|
|
|
|
|
36,845 |
|
|
|
Depreciation and amortization expense |
|
|
74,447 |
|
|
|
|
|
65,108 |
|
|
|
EBITDA |
|
197,764 |
|
|
23.7 |
% |
|
|
170,954 |
|
23.3 |
% |
|
Add back: Loss on asset disposal |
|
1,205 |
|
|
|
|
|
987 |
|
|
|
Share-based compensation |
|
|
7,006 |
|
|
|
|
|
4,665 |
|
|
|
Pre-opening costs |
|
|
14,626 |
|
|
|
|
|
10,390 |
|
|
|
Other
costs |
|
|
(329 |
) |
|
|
|
|
68 |
|
|
|
Adjusted
EBITDA |
|
$ |
220,272 |
|
|
26.4 |
% |
|
$ |
187,064 |
|
25.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth a reconciliation of operating income to
store operating income before depreciation and amortization for the
periods shown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended |
|
39 Weeks Ended |
|
|
|
October 29, 2017 |
|
October 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
123,317 |
|
|
14.8 |
% |
|
$ |
105,846 |
|
14.4 |
% |
|
Add back: General and administrative expenses |
|
45,172 |
|
|
|
|
|
40,131 |
|
|
|
Depreciation and amortization expense |
|
|
74,447 |
|
|
|
|
|
65,108 |
|
|
|
Pre-opening costs |
|
14,626 |
|
|
|
|
|
10,390 |
|
|
|
Store
operating income before depreciation and amortization |
|
$ |
257,562 |
|
|
30.9 |
% |
|
$ |
221,475 |
|
30.1 |
% |
|
|
|
|
|
|
|
|
|
|
For Investor Relations Inquiries:
Arvind Bhatia, CFADave & Buster’s Entertainment,
Inc.214.904.2202arvind_bhatia@daveandbusters.com
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