Dave & Buster's Entertainment Inc (NASDAQ:PLAY) shares are trading higher Tuesday after the company reported better-than-expected financial results.
Dave & Buster's said first-quarter revenue increased 24.1% from the first quarter of 2019 to $451.1 million, which beat the estimate of $440.84 million, according to data from Benzinga Pro. Total comparable sales increased 10.9% over 2019 levels.
The company reported quarterly earnings of $1.35 per share, which beat the estimate of $1.16 per share.
"While we are still experiencing pressures from wage and commodity inflation, our margins continued to improve as we have offset inflationary costs with a more efficient labor model, costs savings and efficiencies and thoughtful pricing actions," said Michael Quartieri, CFO of Dave & Buster's.
Through the first five weeks of the second quarter, the company said its comparable sales have increased 12.2% from the same period in 2019.
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PLAY Price Action: Dave & Buster's has traded between $29.83 and $52.53 over a 52-week period.
The stock was up 6.03% at $39.50 at time of publication.
Photo: courtesy of Dave & Buster's.
