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Dave & Buster's CEO Steve King Reveals Revenue Increase And International Opportunities

 
Dave & Buster's CEO Steve King Reveals Revenue Increase And International Opportunities
Dave & Buster's CEO Steve King Reveals Revenue Increase And International Opportunities
Dave and Buster’s CEO Steve King reveals that the US-based dining, arcade and entertainment location operator's revenue is up 20% and the company is close to sealing the deal on licensed international opportunities.

The company’s financial results for the second quarter are very promising, as total revenues have jumped nearly 20% to $217.3 million and comparable store sales were up 11% year on year. King said the business had enjoyed “an incredible year of financial performance.”

The company reported adjusted EBITDA $52.7 million, which is an increase of 31.1% on the figure recorded in the second quarter of last year. Net income also improved to $12.6 million from a net loss of $13.9 million.

Across all stores, food and beverage revenues were up 16.8% and amusements and "other" revenues were 22.4% higher. The amusement and entertainment revenue (generated by various amusement and arcade machines in D&B locations) represented 54.4% of total revenues, a slight increase on the same period in 2014.

Due to this improved financial performance, the company’s plans to further extend it's reach across the country are not only on track, but the company now plans to open another 1-2 stores on top of it's initial 7-8 store expansion plan for 2015.

"We have already opened five stores this year and are raising our development guidance to eight to nine stores, of which all but one will be in the large store format,” King said. “Our long-term target for North America development is in excess of 200 stores which we intend to achieve through approximately 10 per cent annual growth in our store base.”

In the third quarter, a D&B’s store opened in Edina, Minnesota, and a newly relocated Buffalo, New York, store is due to open in October. The fourth quarter will also see new stores unveiled in Houston, Texas, in Phoenix, Arizona, and Springfield in Greater DC, Virginia.

On top of their US expansion plans, the company has also set it's sights abroad, looking at potential international opportunities for the Dave & Buster's brand as a license. King added, “We are also making progress in realising our international opportunities and are extremely close to signing a multi-store agreement for licensed development”.
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