The pandemic devastated Dave & Buster’s Entertainment (NASDAQ:PLAY) when it took hold of the economy in March 2020. Management took action by temporarily closing all of its locations, putting hourly store employees on furlough, and suspending its dividends and share repurchases.
A positive first quarter
During the 13-week period that ended May 2, Dave & Buster’s revenue jumped 66% to total $265.3 million. Mind you, this is compared to the first quarter of 2020, when the drastic measures I previously mentioned were put in place as a response to the pandemic. Regardless, all of the company’s locations are back open, with the exception of the two in Canada, which management expects will reopen late in the second quarter.
Same-store sales (or comps) have steadily improved in each month of the quarter compared to the same period in 2019, which provides a better comparison because it was before the pandemic. In February, March, and April, comps were down 59%, 31%, and 12%, respectively. This demonstrates an improving recovery, showing that consumers are getting comfortable venturing back out.
“Our brand is back, we have a solid financial foundation, and we are ready to move full speed ahead into summer,” said CEO Brian…