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Ron Ruggless
Dave & Buster's Inc. reported on Thursday that profit was down in the fourth quarter but revenue increased as the Dallas-based company returned to positive same-store sales.
The operator of big box entertainment-dining complexes reported that its profit dipped to $1.8 million in the fourth quarter, which ended Jan. 29, from $4.5 million in the prior-year period. But the company said earnings before interest, taxes, depreciation and amortization rose to $29.9 million from nearly $28 million in the same period last year.
Dave & Buster's total revenue increased 6.3 percent to $144 million, compared to $135.5 million in the fourth quarter of 2010. Revenue increases were driven by a $1-million increase in same-store sales and a net $7.5-million increase in revenue from other sources, according to the company.
"A return to positive comparable store sales, diligent management of our costs and an outstanding group of new stores combined for our best adjusted EBITDA year ever,” said Steve King, Dave & Buster’s chief executive, in a statement.
Systemwide, the company said food and beverage revenue increased $2.9 million, or 4 percent, in the fourth quarter, and amusements and other revenue increased $5.6 million, or 8.8 percent, over the prior-year period.
Dave & Buster’s, which was purchased in June 2010 by Oak Hill Capital Partners, owns and operates 59 units in 25 states and Canada.
Contact Ron Ruggless at [email protected].
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