Dave & Buster’s Reports Loss as Comparable Store Sales Drop 59%
Restaurant and arcade gaming chain Dave & Buster's (NASDAQ: PLAY) just reported a rough fiscal first quarter, ending May 3, 2020, a period that included the depth of the COVID-19 pandemic crisis in the United States. All of the chain's restaurants were closed from March 20 to the end of the quarter, half of the fiscal time period. Adding to the company's difficulty is the nature of its offerings. As a partial restaurant and a partial arcade, the "eat-and-play" chain provides an on-premise experience that can't be duplicated while customers observe stay-at-home restrictions.
The company reported that comparable store sales declined 58.6% for the quarter, salvaged only by the relatively minimal decrease in February of 8.6%. Revenue fell 56% versus the year-ago period. By comparison, Red Robin Gourmet Burgers (NASDAQ: RRGB), which also reported results this week, said comparable restaurant sales decreased 20.8% for its quarter, with revenue down 25.3% compared to the year-ago quarter. The notable difference is its off-premise sales through car-side and home delivery.
Source Fool.com
