Dave & Buster's lowers FY17 revenue view to $1.138B-$1.142B, consensus $1.15B
Dave & Buster's Entertainment updated guidance, with CEO Steve King stating, "As indicated on our fiscal third quarter conference call, we had a slower-than-expected start to the fourth quarter. We expected sales to improve during our seasonally strong weeks in December but instead trends softened further leading us to update our financial outlook for fiscal year 2017. Meanwhile, our new stores continue to perform very well. Opening new stores with outstanding returns remains a key priority and we are maintaining our plan to open fourteen to fifteen new stores in fiscal 2018. With their first year now completed, we are pleased to report year-one cash on cash returns of approximately 54% for our 2016 class of stores, exceeding returns for our very successful 2014 and 2015 classes of stores." Quarter-to-date through January 6, 2018, comparable store sales were down 5.1%. Based on the quarter-to-date performance, the company expects FY17 total revenue to be in the range of $1.138B-$1.142B, compared to prior guidance of $1.148B-$1.155B, and expects comparable store sales on a 52-week basis to range from -1.0% to -0.7% compared to prior guidance of 0.0% to 0.75%.