Dave & Buster’s reported their first quarter earnings after the market closed on June 6, 2017. The company reported that they had set a record for their first-quarter net income ever. That figure came in at $43 million dollars.

Total revenues increased 16% going up to $300 million dollars, this compares to  $262 million a year ago. The company also repurchased over a 500,000 shares, spending $31 million dollars to do so in the first quarter. Comp store sales increased 2.2%.

Shares have been  a in a beautiful uptrend all year. The 52-week range is a low of $37.60 to a high set today of$70.42. However after the earnings were announced, shares sold off slightly closing at $68.12 down -2.81% in the aftermarket session.

Shares had been up on the day 2.95% closing at $70.17. The reason for the slight sell-off seems to be attributed to a new consensus for their full year outlook which may come in just slight of what analysts expect.

Company Comments

CEO Steve King had this to say :

“We have grown Dave & Buster’s footprint by more than 14% over the last twelve months. This unit expansion combined with a 2.2% increase in comparable store sales drove 16% revenue growth during our first quarter this year. Our non-comp store base is performing well and we are very pleased with our 2017 store openings. Additionally, I’m proud our comparable store sales growth has now exceeded the competitive casual dining benchmark for 20 consecutive quarters”.

“Through today, we have opened seven stores and have an additional five stores under construction. We now expect to open twelve new stores this year, representing 13% unit growth, at the top end of our previous guidance of eleven to twelve new stores. We remain committed to driving 10% or more unit growth over the long-term and continue to foresee a 200+ store opportunity in the United States and Canada alone”.

CFO Steve King added: