Issue Date: Vol. 51, No. 5, May 2011, Posted On: 4/16/2011
Dave & Buster's Praises Strong Q4 Amid Tough FY Results
Dave & Buster's, Dave & Buster's earnings, arcade, restaurant, Steve King, amusements, amusement business, family entertainment center
DALLAS -- Dave & Buster's Inc. said it lost $7.3 million in fiscal 2010, ended Jan. 30. Closing the Nashville restaurant and entertainment center, damaged by last year's flood, accounted for most of the red ink. Pretax losses before including an income tax gain were even higher at $10.4 million for the year.
The company said it saw its long-term debt spike 53% and interest costs jump 47%. Total revenues for the year increased 0.1% to $521.5 million from $520.8 million for the comparable period last year. D&B's saw a 1.9% decline in comparable store sales for the year.
When releasing the latest financial report, Dave & Buster's executives focused on the positive fourth quarter. During the fourth quarter, the 57-unit chain of restaurants and arcades for grownups chalked up $4.5 million in profits. Same-store sales for the first 10 weeks of the new fiscal year rose 5.3%.
Chief executive Steve King said the company experienced broad-based sales momentum including stronger walk-in traffic and special events business during early 2011. "We're off to the best start we've had in years," he said.