Dave & Buster’s, Inc. has announced results for its second quarter ended July 31, 2011.
Total revenues increased 0.6% to $128.7 million in the second quarter of 2011, compared to $127.9 million in the second quarter of 2010. The year-over-year revenue increase was driven by a 1.9% increase in comparable store sales and was partially offset by a $1.6 million decrease in revenues from non-comparable stores and other revenue sources. Total Food and Beverage revenues decreased 1.0%, while revenues from Amusements and Other increased 2.2%.
Adjusted EBITDA increased 7.8% to $19.7 million in the second quarter of 2011 versus $18.2 million in the second quarter of fiscal 2010.
Total revenues for the 26-week period increased 2.9% to $277.3 million from $269.5 million for the comparable period last year. This revenue increase was comprised of a 4.2% increase in comparable store sales, which was partially offset by the loss of $2.7 million in revenues associated with the late first quarter 2010 flood-related closure of the Company’s store in Nashville, Tennessee and a $0.3 million net decrease in revenues from non-comparable stores and other revenue sources. Total Food and Beverage revenues increased 1.6% and revenues from Amusements and Other increased 4.2%.
Adjusted EBITDA for the 26-week period increased 17.9% to $53.3 million versus $45.2 million for the comparable period last year.
The Adjusted EBITDA for all periods were not adversely affected by the May 2, 2010, closure of our Nashville store as the result of coverage under our business interruption insurance policy.
“I am very proud of our results for the first half of the year,” said Steve King, Chief Executive Officer. “Growing our Adjusted EBITDA by nearly 18% is an outstanding achievement, especially given the lackluster macroeconomic environment.”
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s is the premier national owner and operator of 57 high-volume venues that offer interactive entertainment options for adults and families, such as skill/sports-oriented redemption games and technologically advanced video and simulation games, combined with a full menu of high quality food and beverages. Dave & Buster’s currently has stores in 24 states and Canada.