Dave & Buster’s Provides Business Update; Increases First Quarter Revenue Guidance to $252 - $257 Million
The Company began the first quarter with 107 open stores, or approximately 76% of its total store base. As of
- Overall comparable store sales were -38% compared to 2019 levels1
- Sales at fully operational comparable stores achieved 81% of 2019 levels1
- Quarter-to-date sales totaled approximately
$228 millionwith two weeks remaining in the period
Based on these preliminary results and assuming a normal seasonal sales deceleration and no other unforeseen factors over the remainder of the quarter, the Company now expects first quarter sales to total between approximately
Chief Executive Officer
The Company expects to report final first quarter 2021 financial results in early
1The Company believes that calculating 2021 comparable store sales against 2019 results provides a more meaningful comparison vs. against COVID-affected 2020 results.
About Dave & Buster’s
Founded in 1982 and headquartered in
The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to the impact on our business and operations of the global spread of the novel coronavirus outbreak. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by the uncertain and unprecedented impact of the coronavirus on our business and operations and the related impact on our liquidity needs; our ability to satisfy covenant requirements under our revolving credit facility; the duration of government-mandated and voluntary shutdowns; the speed with which our stores safely can be reopened and the level of customer demand following reopening; the economic impact of the coronavirus and related disruptions on the communities we serve; our overall level of indebtedness; general business and economic conditions, including as a result of the coronavirus; 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, including as a result of the coronavirus; 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.
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.
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Dave & Buster’s
Source: Dave & Buster's Entertainment, Inc.