Dave & Buster's Swings To Q2 Profit

(RTTNews) - Restaurant chain Dave & Buster's Entertainment Inc. (PLAY), Tuesday reported a swing to profit in the second quarter from a loss last year, as revenues improved on more traffic. Moving ahead, the company again lifted its full-year financial outlook.

Dallas, Texas-based Dave & Buster reported second-quarter profit of $12.6 million or $0.29 per share, compared to last year's loss of $13.9 million or $0.42 per share last year.

Adjusted earnings improved to $0.40 per share from $0.16 per share last year.

On average, five analysts polled by Thomson Reuters estimated a profit of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Dave & Buster's, which operates a chain that focuses on games and food, said revenues for the quarter grew 19.8 percent to $217.3 million from $181.4 million last year. Analysts had a consensus revenue estimate of $204.3 million for the quarter.

Comparable store sales increased 11.0 percent compared to 5.7 percent last year, while the company opened two stores in the quarter. Total operating costs, as a percent of sales, dropped to 87.7 percent from 90.8 percent last year.

Dave & Buster's operates venues that combine dining and entertainment. It offers food and beverage items combined with an assortment of entertainment attractions, including skill and sports-oriented redemption games and video games.

Moving ahead, the company expects full year revenues of $844 million to $853 million, up from prior guidance of $822 million to $831 million. Analysts currently estimate revenues of $832.74 million.