By Dhirendra Tripathi
Investing.com – Dave & Buster’s (NASDAQ:PLAY) stock surged 7.7% Tuesday after the entertainment and dining chain said the current financial year has started on a strong note.
The company said comparable store sales in the first eight weeks of the new financial year were up 5.4%, compared with the same period in 2019. Walk-in comparable store sales increased 9.1%, compared to the same period two years ago, benefiting from the return to offices and people’s desire to step out after two years of the pandemic.
Traders chose to focus on the company saying that all its 142 stores in the U.S. and Puerto Rico were open at the end of its fourth quarter on January 30, ignoring its miss on both sales and earnings fronts during the period.
Revenue fell by 1.2% from the fourth quarter of 2019 but nearly tripled from a year ago to top $343 million. Net income in the quarter was nearly $26 million compared to a loss a year ago and marginally higher than the 2019 period profit.
Comparable store sales fell due to vaccine mandates in some areas.