Here's Why Bowlero Stock Crashed Today
Shares of bowling entertainment company Bowlero (NYSE: BOWL) crashed on Friday after the company reported financial results for its fiscal third quarter of 2024. As of 10:20 a.m. ET, Bowlero stock was down 18%.
In Q3, Bowlero's revenue was only up 7% year over year to $338 million. The company benefited from new units contributing to the top line. By contrast, existing locations underperformed, with same-store sales falling 2.1%. Management said that bad weather led to poor traffic in January before same-store sales turned positive in the quarter's final two months.
In part due to the slow start in Q3, Bowlero's management updated its full-year financial guidance. For fiscal 2024, it had been forecasting 10% to 15% year-over-year growth. Now management says it will be on the low end of that guidance. It also says that it will be at the low end of guidance for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
Source Fool.com
