Q2 2024 Dave & Buster's Entertainment Inc Earnings Call Transcript
Key Points
- Dave & Buster's Entertainment Inc (PLAY) reported revenue of $557 million and adjusted EBITDA of $152 million for Q2 2024, reflecting strong financial performance.
- The company has seen significant improvement in its special event business, with substantial growth in same-store sales and forward bookings for fiscal '24 significantly above the prior year period.
- The new menu rollout has been well-received, contributing to improved food and beverage performance and guest satisfaction scores.
- The company's remodel program is performing well, with positive sales trends and strong performance from newly remodeled stores.
- Dave & Buster's has successfully managed its cost structure, enabling the expansion of adjusted EBITDA margins while maintaining a high-quality guest experience.
- Same-store sales performance during the quarter was disappointing, reflecting a challenging and complex consumer environment.
- Despite the positive initiatives, the company experienced a 6.3% decrease in comp store sales on a calendar basis in Q2 2024.
- The macroeconomic environment remains uncertain, posing ongoing headwinds to the company's performance.
- The company has not yet fully reintroduced its newest remodels in their respective markets with the same preopening marketing push, potentially limiting immediate impact.
- There are concerns about the sustainability of margin expansion if negative same-store sales trends continue in the coming quarters.
Yes, good day and welcome to the Dave & Buster's second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Cory Hatton, VP of Investor Relations. Please go ahead.
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Thank you, operator, and welcome to everyone on the line. Joining me on today's call are Chris Morris, our Chief Executive Officer, and Darren Harper, our Chief Financial Officer. After our prepared remarks, we will be happy to take your questions.
This call is being recorded on behalf of Dave & Buster's Entertainment Inc., and is copyrighted.
Before we begin the discussion on our company's second quarter 2024 results, I'd like to call your attention to the fact that in our prepared remarks and responses to questions. Certain items may be discussed, which are not entirely based on historical facts. Any of these items
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