Shares of Bowlero Corp. rose nearly 4% in afternoon trading after the bowling center chain reported fourth-quarter sales that beat analysts’ estimates.
The company, which operates more than 300 bowling centers in North America, reported net income of $6.9 million in the quarter. Bowlero Bowl,
The income statement does not disclose the earnings per share figure.
Sales came in at about $267.7 million, a 68.3 percent increase from a year ago.
Analysts polled by FactSet expected the company to earn 4 cents on sales of $195.2 million.
Shares rose 3.7 percent after hours. As Wall Street tries to gauge demand for entertainment, the company reported results, with prices of fundamentals still up.
Management attributed the sales result to “sustained strong growth in retail sales and strong growth in revenue events.” It said sales for the quarter were up 72.2 percent from pre-pandemic levels.
“We continue to see very strong demand at our bowling centers, which is driving strong same-store sales growth compared to prior year and pre-pandemic levels,” Bowlero CFO Brett Parker said in a statement.
“In addition, we opened four new locations during the quarter, so the new units are accelerating our growth,” he said.
Bowlero shares are up 49 percent this year, the S&P 500 SPX;
In that period it decreased by 18%.