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Dave & Buster’s Stock Surges on Profit Metric Beat, Buyback [Video]

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Personal Branding

Shares of Dave & Buster’s Entertainment (PLAY) jumped early Wednesday after the game-themed restaurant chain posted a better-than-expected key profit metric and announced an increase in its stock buyback program.

Dave & Buster’s reported fourth-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of $151.8 million, an increase of 9.7% from the year before and above analysts’ estimates. CEO Chris Morris said the company’s turnaround plan is working.

The chain opened six new domestic stores and plans to add 15 more this fiscal year, as well as up to four international units, Morris said. He noted during a call with analysts that the firm’s moves to overhaul locations, make menu adjustments, and raise prices have been effective so far.

In addition, the company said it was boosting its current share repurchase plan by $100 million, bringing the total value of shares it is authorized to buy back to $200 million.

Truist Securities raised its price target on the …

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