Pinstripes Holdings Inc., the large-venue eatertainment concept, continued to endure economic forces in the second quarter ended Oct. 13.
“Consumer wallets remain pressured, and we are seeing this most pronounced in our open-play business, which was down approximately 13% year-over-year in Q2, while our event business was only down approximately 6%,” said Dale Schwartz, Pinstripes founder, president and CEO, on a Tuesday earnings call with analysts.
Pinstripes’ same-store sales declined 9.4% over the prior-year period.
Schwartz said Pinstripes has beefed up local marketing.
“Our local-store marketing campaigns have seen exciting success as we have introduced activities such as kids clubs, comedy nights, line dancing, yoga classes, trivia nights, and many other community activities that complement our F&B and gaming offerings,” Schwartz said.
On Nov. 15, Pinstripes opened its 18the location in Walnut Creek, Calif., the company’s second location in the San Francisco area.
“This new two-story Walnut Creek venue features 25,000 square feet across two levels, with eight bowling lanes, two indoor bocce courts, and private-event space for groups of up to 1,500,” Schwartz said. “Our opening to date has been very promising, and our initial private event bookings have been very strong, complementing the continued success of our San Mateo [Calif.] location.”
Schwartz said the company had $3.2 million in cash and cash equivalents on hand as of Oct. 13.
“While we anticipate significant positive cash flow in the third fiscal quarter,” he said, “as holiday sales volumes increase substantially, we are also evaluating and seeking to raise additional external capital, which could include funding from new outside sources, as well as additional funds from our existing lenders.”
Tony Querciagrossa, Pinstripes' chief financial officer, added on the earnings call: “We should be able to get through most of calendar '25 with our current liquidity situation and debt service.”
Pinstripes went public in late 2023 through a special purpose acquisition company (SPAC) deal with Banyan Acquisition Co.
For the second quarter ended Oct. 13, Pinstripes’ net loss as $9.3 million, or 22 cents a share, compared to a loss of $7.7 million, or 64 cents a share, in the same period a year ago. Revenues were $26.5 million compared to $24.6 million in the prior-year quarter.
Pinstripes has 18 locations, ranging from 25,000 to 38,000 square feet.
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