Dave & Buster's, Inc. Reports Fourth Quarter and Fiscal Year 2008 Results
Total reported revenues decreased 7.2% to $134.9 million in the fourth quarter of 2008, compared to $145.4 million in the fourth quarter of 2007.
Dave & Buster's, Inc. today announced results for its fourth quarter and fiscal year ended February 1, 2009.
Total reported revenues decreased 7.2% to $134.9 million in the fourth quarter of 2008, compared to $145.4 million in the fourth quarter of 2007. This revenue decline was comprised primarily of a 10.2% decrease in comparable store sales. The decline in comparable store sales was partially offset by additional sales at our non-comparable store set which includes three new stores that we opened in fiscal 2008. Reported Food and Beverage revenues decreased 9.2% while revenues from Amusements and Other decreased 4.7%.
EBITDA (Modified) for the fourth quarter of 2008 decreased to $22.3 million from $27.1 million in the fourth quarter of 2007. Adjusted EBITDA, which excludes pre-opening costs, Wellspring expense reimbursements and non-recurring expenses, decreased 6.6% to $25.5 million versus $27.3 million in the fourth quarter of 2007.
Total reported revenues for the 52 week fiscal year ended February 1, 2009 decreased to $533.4 million from $536.3 million in fiscal year 2007. This revenue decline was comprised primarily of a comparable stores sales decrease of 2.8%. Reported Food and Beverage revenues decreased 2.8%, while revenues from Amusements and Other increased 2.2%.
For the fiscal year 2008, EBITDA (Modified) of $80.1 million increased by $4.2 million versus $75.9 million in fiscal year 2007. Adjusted EBITDA, which excludes pre-opening costs, Wellspring expense reimbursements and non-recurring expenses, improved 5.8% to $85.7 million in fiscal 2008 versus $81.0 million in fiscal 2007.
"As the macroeconomic environment deteriorated during the fourth quarter, our corporate special events business suffered significant sales declines versus historical fourth quarters," said Steve King, Chief Executive Officer. "As these sales trends developed, we made changes to successfully manage our variable costs and minimize the impact on our profitability."
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