Bowlero Corp. ( NYSE: BOWL ) stock was boosted in after hours trading on Thursday after reporting stronger than expected quarterly results.
The Virginia-based bowling center operator notched $267.7M in revenue during its fiscal fourth quarter, a 68.3% jump year-over-year, while net income rose to $6.9M. The company had reported a net loss of $13.5M in the prior year quarter. Same-store revenue rose to $78.8M, a 53% jump from pre-pandemic levels.
Management also indicated bullishness on the coming quarters.
“We continue to see very strong demand in our bowling centers, which is driving significant same store sales growth relative to both prior year and pre-pandemic levels,” CFO Brett Parker, said. “Additionally, the new units are accelerating our growth rates, as we opened 4 new locations during the quarter. Even more impressive, Adjusted EBITDA margin expanded over 1,000 basis points relative to pre-pandemic levels, demonstrating the inherent operating leverage that exists in the business and management’s strong focus on maximizing profitability despite well-documented macro cost pressures.”
Shares rose 7.93% shortly after the results were announced .
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Bowlero stock surges on strong quarterly sales trends