Dave & Buster’s Entertainment PLAY released its third quarter fiscal 2016 financial results after the bell, posting earnings of 25 cents per share and revenues of $228.7 million.
Beat earnings estimates. The company reported earnings of 25 cents per share, beating the Zacks Consensus Estimate of 13 cents per share and growing a whopping 108% year-over-year. Net income was $10.8 million.
Beat revenue estimates. The company saw revenue figures of $228.7 million, also beating our consensus estimate of $213 million and growing 18.6% year-over-year.
Dave & Buster’s saw comparable store sales increase 5.9% during the quarter, compared to an increase of 8.8% in the year-ago period.
Looking ahead, the company has raised its full-year fiscal 2016 financial outlook. Total revenues are expected to be in the range of $998 million to $1.003 billion. Q4 comps should fall between an increase of 2.5% and 4.5%, while net income is expected to be in the range of $86.5 million to $88.5 million.
"Dave & Buster's delivered exceptional quarterly results and we are pleased to be increasing our annual guidance. Our strength was broad-based as we experienced momentum across the country and throughout the quarter. Guests responded well to the conclusion of our 'Summer of Games' promotion, along with our subsequent football-related promotions," said Steve King, Chief Executive Officer.
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