Dave & Buster's Entertainment Inc. shares were headed for their best day since 2020 as earnings got a boost from declining pay and food costs.
Dave & Buster’s Entertainment Inc. shares were headed for their best day since 2020 Wednesday, as earnings got a boost from declining pay and food costs.
Dave & Buster’s PLAY shares rallied as much as 26.8% to an intraday high of $42.77, which would be their best one-day performance since Nov. 9, 2020, when shares soared 33.3%, according to FactSet data. At last check, shares were up around 19%. Wednesday’s move puts Dave & Buster’s shares up 13% year to date, compared with an 11% gain by the S&P 500 SPX .
Bartlett said Dave & Buster’s is benefiting from “ongoing initiatives, such as improved labor scheduling, and falling costs,” noting that average hourly pay was down about 0.5% from the fourth quarter of 2022 and that food costs were down about 3% year over year.
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