Dave & Buster's Entertainment slides after Q3 revenue shortfall and CEO departure

Dave and Busters Entertainment,

11/12/2024 10:20

** Shares of restaurant chain operator Dave & Buster's
Entertainment  PLAY.O  down over 16% at $30.41 premarket
    ** If losses hold, PLAY is set to lose about $251 mln in
market capitalization at current share price levels of $30.41,
according to LSEG data
    ** Co's Q3 rev fell 3% to $453 mln from a year ago, missing
analysts expectations of $465.54 mln, as per LSEG data 
    ** CEO Chris Morris resigns from co; Kevin Sheehan to serve
as interim CEO
    ** Brokerage Gordon Haskett downgrades co to "hold" from 
"buy" and trims PT to $34 from $40, a Wall-Street low among 10
analysts covering the stock - LSEG data
    ** Brokerage sees continued low-income consumer headwinds
pressuring PLAY's same-store sales over the next few quarters
    ** Up to Tuesday's close, stock fell ~31% YTD
    
    

 (Reporting by Joel Jose in Bengaluru)
 ((joeljose@thomsonreuters.com))