Dave & Buster’s Updates Fiscal 2018 Financial Outlook
January 14 2019 - 4:15PM
Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave
& Buster's"), an owner and operator of entertainment and dining
venues, today updated guidance for its fiscal 2018, which ends on
February 3, 2019. The Company expects to report its full fourth
quarter and fiscal 2018 results in early April 2019.
“We remain laser-focused on our strategic
priorities to drive comparable store sales, including evolving our
offering, improving the guest experience, and more effectively
communicating our new news and value. I’m pleased with the progress
our team made throughout the year, as we continue to evolve the
brand, resulting in the return to positive comparable store sales
in the fourth quarter,” said Brian Jenkins, Chief Executive
Officer.
“Meanwhile, new stores continue to deliver
excellent returns. With their first year now completed, we are
excited to report year one cash-on-cash returns of approximately
64% for our 2017 class of stores, one of our best in recent
history. Opening new stores with outstanding returns remains a key
priority and we are maintaining our plan to open 15 to 16 new
stores in fiscal 2019,” Jenkins concluded.
Updated Fiscal Year 2018 Financial
Outlook
Based on quarter-to-date performance, the
Company expects fiscal fourth quarter comparable same store sales
to increase 1.8% to 2.5%. For the full year, comparable store sales
are expected to decrease 1.9% to 1.7% versus prior guidance of a
low single-digits decrease.
For fiscal 2018, total revenues are expected to
range from $1.259 billion to $1.263 billion compared to prior
guidance of $1.243 billion to $1.255 billion. Net income for fiscal
2018 is expected to range from $112 million to $114 million versus
prior guidance of $106 million to $113 million. The effective tax
rate is projected to be approximately 22%, unchanged from prior
guidance. EBITDA for fiscal 2018 is expected to range from $276
million to $278 million compared to prior guidance of $268 million
to $277 million.
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 121 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 entrées and appetizers, a complete 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 39 states, Puerto Rico, and
Canada.
For Investor Relations Inquiries:Arvind Bhatia,
CFA214.904.2202arvind_bhatia@daveandbusters.com
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