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Shares of
Dave & Buster's Entertainment, Inc. jumped over 3 percent in after-hours trading after the company reported better-than-expected results for the first quarter and raised its forecast for the full year.
The company now expects revenue of $822 million to $831 million, versus its earlier forecast of $808 million to $822 million. It also expects same-store sales to increase 4 percent to 5 percent, versus prior view of 3 percent to 4 percent growth. Dave & Buster's now expects adjusted net income of $43.5 million to $46 million, versus previous outlook of $36.7 million to $40.4 million.
The Dallas, Texas-based company posted a quarterly profit of $19.5 million, or $0.45 per share, versus a year-ago profit of $11.5 million, or $0.34 per share. Pro forma net income jumped to $0.46 per share from $0.33 per share.
Its revenue gained 14.3 percent year-over-year to $222.7 million from $194.8 million.. However, analysts were expecting earnings of $0.37 per share on revenue of $216.26 million.
Its comparable store sales climbed 9.9 percent in the quarter, versus a 4.7 percent growth in the year-ago period. Walk-in sales jumped 10.5 percent, while special events sales gained 4.0 percent.
Its adjusted EBITDA climbed 22.3 percent to $61.9 million from $50.6 million. Operating income rose to $35.7 million from $28.2 million.
During the first quarter, the company opened two stores.
"Dave & Buster's got off to strong start to 2015 with a stellar performance during the first quarter…The broad-based momentum in our business was reflected across our sales categories, operating days, day-parts, and geographies, enabling us to achieve record-setting results for adjusted EBITDA and margin for a first quarter. Given our achievements to date, including an opportunistic refinancing of our senior debt during the second quarter, we are delighted to be raising our full year guidance as detailed below," said Steve King, Chief Executive Officer.
Dave & Buster's shares rose 3.04 percent to $34.26 in the after-hours trading session.
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