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Dave & Buster's, the popular US entertainment business, plans to open 20 new stores in India and Australia, marking a significant move in its global expansion strategy. The move comes after recent fiscal growth and successful share repurchase endeavors.
The US-based restaurant and entertainment business is set to open 15 in India in partnership with the Malpani Group and roll out five stores in Australia with NightOwl Entertainment Group. The deals are the company's second and third multi-store franchise agreements. Dave & Buster's has committed to developing 31 stores since the company's global expansion plans last year.
According to Antonio Bautista, chief international development officer of Dave & Buster's, the Malpani Group is poised to dominate the indoor and outdoor entertainment industry," said. He added that with Australia's dynamic market representing a significant opportunity for growth, the NightOwl Entertainment Group is the ideal partner for their brand.
In the first quarter of fiscal 2023, Dave & Buster's announced earnings that were higher than expected at $70.1 million, or $1.45 per share. Even though it was less than analysts had predicted, revenue increased by 32.4% to $597.3 million.
Dave & Buster's reported that it spent $125.5 million on the repurchase of 3.6 million shares during the quarter. Since then, it has acquired an additional 2.1 million shares for $74.5 million, bringing the total number of shares purchased this fiscal year to 5.7 million for a total of $200 million.
Dave & Buster's CEO Chris Morris said the company has taken advantage of the strategic opportunities found "to unlock significant revenue growth and cost efficiency opportunities in our business."
Established in 1982, the Coppell, Texas-based Dave & Buster's owns and operates 200 venues across North America under the trademarks Dave & Buster's and Main Event. Dave & Buster's has 152 locations across 41 states, Puerto Rico, and Canada. There are 152 Dave & Buster's locations spread out throughout 41 states, Puerto Rico, and Canada.
Photo: Ser Amantio di Nicolao/Wikimedia Commons(CC BY-SA 3.0)
