By Dean Seal
Bowlero set guidance for revenue to rise up to 10% in the new fiscal year after it logged top line gains in the prior quarter.
The Richmond, Va.-based bowling center operator said it expects revenue to rise in the mid-single digit percentage range, and as much as 10%, equal to about $1.22 billion to $1.28 billion. Analysts surveyed by FactSet had forecast revenue of about $1.24 billion.
Bowlero shares rose 8.9% to $11.75 in after-hours trading. The stock is down almost 24% this year.
For the fourth quarter ended June 30, Bowlero posted a loss of $62.2 million, compared with a profit of $146.2 million in the similar period a year ago.
Revenue rose almost 19% to $283.9 million, topping analyst projections of $273.4 million, according to FactSet. Same-store revenue rose 6.9%, while the company added two locations through acquisitions.
The bottom line was impacted by a $59.8 million asset impairment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 05, 2024 16:50 ET (20:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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