PLAY - Why Dave & Buster's Stock Soared Today
2023-06-07 12:57:27 ET
Shares of entertainment and restaurant chain Dave & Buster's Entertainment (NASDAQ: PLAY) soared on Wednesday after the company reported record quarterly financial results. As of 11:30 a.m. ET, Dave & Buster's stock was up 24%.
Dave & Buster's, one of the hardest-hit companies during the pandemic, has fully rebounded. During the first quarter of 2023, which ended in April, the company generated record revenue of $597 million, up 32.4% year over year. But adjusting for the revenue of last year's acquisition of Main Event, quarterly revenue was only up about 4%.
Surprisingly, top-line numbers fell short of Wall Street's expectations even though the stock is up today. Adjusting the numbers again for the acquisition of Main Event, same-store sales fell 4.1%. Typically, the market would react poorly to this.
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Why Dave & Buster's Stock Soared Today