Dallas-based entertainment and restaurant company, Dave & Buster's Entertainment, reported a third-quarter loss as comparable sales continued to decline. In the quarter ended Oct. 29, the company recorded a loss of $5.2 million, or 12 cents per share, compared to a profit of $1.9 million, or 4 cents per share, in the same period last year.
According to analysts polled by FactSet, the company was expected to report a per-share loss of 14 cents. However, after excluding certain one-time items, Dave & Buster's revealed an adjusted per-share profit of 1 cent, beating analysts' forecasted loss of 12 cents.
Revenue for the quarter decreased by 3% to $466.9 million, falling short of the $472.3 million expected by analysts. On top of that, the company's comparable store sales dropped by 7.8% compared to the prior year, slightly better than the forecasted decline of 8.9%.
Dave & Buster's CEO, Chris Morris, acknowledged the challenging economic environment and tough comparisons with the previous year. The company continues to navigate through these obstacles.
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