By Kelly Cloonan
Dave & Buster's Entertainment posted lower profit and revenue in the fourth quarter as same-store sales continue to decline, though management said it expects results to improve in the coming months.
The Dallas-based arcade-restaurant operator on Monday posted a profit of $9.3 million, or 24 cents a share, for the quarter ended Feb. 4, compared with $36.2 million, or 88 cents a share, a year earlier.
Adjusted earnings per share were 69 cents, in line with estimates according to analysts polled by FactSet.
Revenue fell 10.8% to $534.5 million compared with $599.1 million a year ago. Analysts expected $544.7 million.
Comparable-store sales fell 9.4% compared with the same period a year earlier, marking eight consecutive quarters of same-store sales declines. Analysts expected a 6.9% decline.
Interim Chief Executive Kevin Sheehan expressed disappointment with the results, but said the company has identified opportunities to unwind past mistakes.
"Previous leadership, while well intentioned, made significant and ill-advised changes to marketing, food and beverage, operations, remodels and games investment that negatively impacted the business," he said.
The current leadership team is pursuing a "back to basics" strategy in addition to its previously announced strategic plan, Sheehan said.
The company's results from March and April have improved from trends in the fourth quarter and February, he added, and he expects results to continue to improve in the coming months.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 07, 2025 16:41 ET (20:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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