PLAY - Is Dave & Buster's a Buy on the Pullback?
Shares of Dave & Buster's Entertainment (NASDAQ: PLAY) are trading about 9% lower after reporting fiscal second-quarter revenue that was below consensus expectations. The company's top line was down 85% year over year as a result of store closures from COVID-19. While much of the store fleet has reopened, Dave & Buster's faces a number of headwinds that still stand in the way of its recovery.
Image source: Dave & Buster's.
Dave & Buster's forecasts that its remaining stores will reopen before the end of December, assuming there are no additional delays from the pandemic. Reopenings have happened in phases with 26 stores open at the end of May, 66 at the end of June, and 89 as of Sept. 9. Due to the store closures, comparable-store sales fell 87% year over year during the quarter.
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Is Dave & Buster's a Buy on the Pullback?