SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2019
DAVE & BUSTER’S ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
|
Delaware (State of incorporation) |
001-35664 (Commission File Number) |
35-2382255 (IRS Employer Identification Number) |
2481 Manana Drive
Dallas TX 75220
(Address of principal executive offices)
Registrant’s telephone number, including area code: (214) 357-9588
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act |
| ¨ | Soliciting material pursuant to Rule 14a-12 of the Exchange Act |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act |
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
The information contained in Item 2.02 of this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
The information set forth below under Item 7.01 “Regulation FD Disclosure” is hereby incorporated by reference into this Item 2.02.
| Item 7.01. | Regulation FD Disclosure. |
On January 14, 2019, Dave & Buster’s Entertainment, Inc. (the “Company”) issued a press release updating its 2018 fiscal year financial outlook. A copy of this Press Release is attached hereto as Exhibit 99.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99 | Press release dated January 14, 2019. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DAVE & BUSTER’S ENTERTAINMENT, INC. | ||
| Date: January 14, 2019 | By: | /s/ Robert W. Edmund |
| Robert W. Edmund | ||
| Senior Vice President, General Counsel | ||
| and Secretary | ||
EXHIBIT 99
Dave & Buster’s Updates Fiscal 2018 Financial Outlook
Q4 Comparable Store Sales Expected to Increase 1.8% to 2.5%
DALLAS, January 14, 2019 (GLOBE NEWSWIRE) -- 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, CFA
214.904.2202
arvind_bhatia@daveandbusters.com