Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) reported its latest quarterly earnings results after hours Monday, which topped analysts’ expectations and sent shares soaring.
The arcade-themed restaurant chain unveiled first-quarter net income of $42.2 million, amounting to roughly $1.04 per share. In the year-ago quarter, the company posted net income that was slightly higher at $42.8 million, or 98 cents per share.
The company’s results came in ahead of the mark as analysts were projecting Dave & Buster’s Entertainment to bring in earnings of 94 cents per share, according to data compiled by FactSet. The restaurant chain also brought in revenue of $321.6 million to kick off the fiscal year, which was an improvement from the $304.2 million it raked in during the year-ago period.
The figure was better than the Wall Street consensus estimate of $321.6 million, according to data compiled by FactSet. For the fiscal year, Dave & Buster’s Entertainment projects that it will bring in revenue in the range of $1.2 billion to $1.24 billion, compared to analysts’ expectations of revenue around $1.23 billion.
The company separately announced that its CEO, Stephen King, will be retiring at the end of the second quarter. He will be replace by Chief Financial officer Brian Jenkins, but King will remain with the company as chairman.
PLAY stock was up more than 14% after the bell Monday after gaining about 0.4% during regular hours in anticipation of its earnings results.