Bowlero Corp (NYSE: BOWL) shares are trading higher by around 12% after it reported Q1 FY24 results.

Sales declined 1.2% Y/Y to $227.4 million, missing the analyst consensus of $229.4 million.

Same-store revenue declined 5.5% Y/Y and grew 27.1% versus Q1 FY20.

Gross profit for the quarter plummeted to $44.5 million from $65.1 million prior year.

Adjusted EBITDA of $52.1 million declined from $65.3 million, with the margin shrinking from 28.4% to 22.9%.

The company held $40.1 million in cash and cash equivalents as of October 1, 2023. Operating cash flow for the quarter was $16.1 million.

As of November 7, 2023, the total centers in operation stood at 350.

During the quarter, the company repurchased 12.1 million shares, bringing the total shares acquired under the program to 23.4 million.

The company plans to heavily reinvest in the business in FY24, with over $160 million allotted for acquisitions, $40 million for new builds, and $75 million for conversions.

The company expects Q2 revenue of $295 million-$310 million vs. street view of $299.71 million. 

Price Action: BOWL shares are up 12.37% at $10.45 on the last check Tuesday.