Dave and Buster’s had a record first quarter of 2023 with revenue of $597 million and record net income of $70.1 million. Coming out of the Pandemic is looking very promising for the experiential entertainment retailer. Even with the uncertain times we are currently in, they remain bullish about their business model and are making efforts to enhance the customer experience. CEO, Chris Morris said, “the company’s record results in Q1 were driven by operational improvements, menu enhancements and simplification, and guest-facing technology upgrades. Also, the company’s special event business has returned to 2019 levels.” They are ramping up their marketing efforts and offering free games to drive traffic into their establishments for the busy summer months. Summer is one of the busiest times of year for them and they are doing everything they can to attract guests and stay on top of mind.
In addition, they are partnering with more sporting events such as the NCAA as of recent for marketing purposes and want people to think of Dave and Buster’s when they are looking to sit down at a sports bar and watch a game. This is another way to drive in adults or families during summer when kids have more free time and are looking for an indoor activity to escape the heat. With the uncertain economic times, CFO Mike Quartieri said they are also focusing on giving deals to guests. “As we get further in these types of environments, that’s when the trade down from the more expensive vacation into the staycation, which then yields into that Dave & Buster’s trip, helps protect us in that type of environment,” Quartieri said. It looks like Dave and Buster’s is going to have a busy and promising summer!
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