DALLAS Dave & Buster’s Inc., operator of 51 large-box entertainment and dining locations, said Wednesday it trimmed its third-quarter net loss to $5.7 million from $11.3 million a year ago on a beneficial income tax provision and cost control.
The privately held company, which reports financial results because of its publicly traded notes, booked a $3.5 million benefit from income taxes in the latest quarter and was able to keep total operating expenses in line from year-ago levels, according to the company’s report.
Sales continue to be an issue, however, and revenues fell 3.2 percent to $119.7 million in the latest quarter, which ended Nov. 2, from $123.7 million a year ago. Same-store sales fell 6 percent. Food and beverage revenues fell 4.7 percent from a year ago and amusements and other revenues slipped 1.4 percent.
“Macroeconomic factors made for an extremely challenging sales environment and Hurricane Ike [which occurred in September] forced the closure of two of our stores for two weeks,” said Steve King, chief executive of Dave & Buster’s.
The company opened its latest store on Nov. 24 in Arlington, Texas.