Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) stock rose 4.99% (As on June 8, 12:35:02 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. Total comparable sales increased 10.9% compared with the same period in 2019. Walk-in comparable store sales increased 14.7% while Special Event comparable store sales declined 34.6% compared with the same period in 2019. Non-comparable store revenue totaled $89.2 million compared with $58.5 million in the first quarter of 2021 and $33.9 million in the first quarter of 2019. Net income totaled a record $67.0 million, compared with net income of $19.6 million, in the first quarter of 2021 and net income of $42.4 million, in the first quarter of 2019. Adjusted EBITDA increased 45.9% from the first quarter of 2019 to a record $143.2 million or 31.8% of revenue, compared with Adjusted EBITDA of $76.7 million in the first quarter of 2021 (28.9% of revenue) and Adjusted EBITDA of $98.2 million, or 27.0% of revenue in the first quarter of 2019. The company ended the quarter with $139.1 million in cash, approximately $492.5 million of liquidity available under the Company’s $500 million revolving credit facility, net of $7.5 million in letters of credit, and a net debt leverage ratio of 0.7x

PLAY in the first quarter of FY 22 has reported the adjusted earnings per share of $1.35, beating the analysts’ estimates for the adjusted earnings per share of $1.16, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 24.1 percent to $451.1 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $440.9 million. Store operating income before depreciation and amortization totaled $163.3 million, or 36.2% of revenue, compared with store operating income before depreciation and amortization of $90.8 million, or 34.2% of revenue in the first quarter of 2021 and store operating income before depreciation and amortization of $112.7 million, or 31.0% of revenue in the first quarter of 2019. Operating income totaled a record $98.7 million, or 21.9% of revenue, compared with operating income of $37.0 million, or 14.0% of revenue in the first quarter of 2021 and operating income $57.7 million, or 15.9% of revenue in the first quarter of 2019.

Meanwhile, the company is adding Main Event to the Dave & Buster’s team. The company expects to close the transaction in a few weeks.