Why Dave & Buster's Stock Jumped This Week
Shares of Dave & Buster's (NASDAQ: PLAY) trounced the market this week. The stock was up 15% through Thursday trading, compared to a 0.3% increase in the S&P 500. That rally erased a large portion of recent losses for shareholders, according to data provided by S&P Global Market Intelligence. The restaurant and arcade specialist's stock has gained 8% so far in 2023.
The rally came after Dave & Buster's reported strong first-quarter earnings results.
On Tuesday, management revealed that Q1 sales jumped 32% to reach a record $597 million through late April. Earnings expanded at a solid clip, too, as profit improved to $1.45 per share from $1.35 per share a year earlier. Factoring in the addition of the newly acquired Main Event chain, sales rose 4%. "We are pleased to report strong results for our first quarter of fiscal 2023," CEO Chris Morris said in a press release.