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Dave & Buster's Entertainment Inc. (PLAY+0.89%) has submitted its 10-Q filing for the quarterly period ended November 5, 2024.
The filing reports a decrease in total revenues to $453.0 million for the third quarter of 2024, down from $466.9 million in the same quarter of 2023. The decrease is attributed to a reduction in comparable store sales and lower demand compared to the previous year.
Net loss for the third quarter of 2024 was $32.7 million, or $0.84 per diluted share, compared to a net loss of $5.2 million, or $0.12 per diluted share, in the third quarter of 2023. The increase in net loss is mainly due to a loss on debt refinancing and higher interest expenses.
Operating income for the third quarter of 2024 was $6.3 million, down from $18.6 million in the same quarter of 2023. The decline in operating income is primarily due to lower revenues and increased operating costs.
Adjusted EBITDA, a non-GAAP measure, was $68.3 million for the third quarter of 2024, a decrease from $81.6 million in the third quarter of 2023. This decrease reflects the reduction in operating income and higher costs.
The company reported a decrease in comparable store sales of 7.7% compared to the same calendar period in 2023. This decline is attributed to a reduction in consumer demand.
Dave & Buster's opened nine new stores during the nine months ended November 5, 2024, bringing the total number of stores to 227.
The company's total liabilities increased to $3,941.1 million as of November 5, 2024, from $3,754.4 million as of February 4, 2024, primarily due to increased long-term debt and operating lease liabilities.
Cash and cash equivalents decreased to $8.6 million as of November 5, 2024, from $37.3 million as of February 4, 2024. This decrease is mainly due to capital expenditures and share repurchases.
The filing details amendments to the company's credit facility, including an increase in the revolving credit facility and the issuance of new term loans. The proceeds from these amendments were used to redeem outstanding senior secured notes and pay down existing term loans.
Dave & Buster's continues to focus on expanding its store base and optimizing its operations, despite the challenges in the current economic environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dave & Buster's Entertainment Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.