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DALLAS - Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) announced today the upcoming nomination of Allen R. Weiss and Nathaniel J. Lipman for election to its Board of Directors, as three existing members will not seek re-election. The announcement comes ahead of the company’s annual shareholder meeting scheduled for June 20, 2025.
The departing board members, Michael Griffith, Gail Mandel, and Jennifer Storms, have chosen not to stand for re-election. Kevin Sheehan, Board Chair and Interim CEO, expressed gratitude for their service, noting the board’s pivotal period of transition. According to InvestingPro data, the company maintains a significant market presence with $2.1 billion in revenue over the last twelve months, though it faces challenges with its debt burden and cash flow management.
Allen R. Weiss brings a wealth of experience, including his tenure as president of worldwide operations for Walt Disney Parks and Resorts. His background spans finance, marketing, sales, entertainment, and operations. Weiss’s board service includes Alticor, Dick’s Sporting Goods, and other notable companies.
Nathaniel J. Lipman’s board experience is extensive, with current roles at United Parks & Resorts Inc. and other firms, and previous senior advisory work at Tenerity, Inc. His industry experience includes legal and finance positions at notable entertainment companies like Planet Hollywood and The Walt Disney Company.
Dave & Buster’s, headquartered in Coppell, Texas, operates 233 venues across North America. The company is known for its combination of dining and entertainment, including arcades, sports viewing, and virtual reality attractions.
The nominations of Weiss and Lipman are part of the company’s strategic efforts to strengthen its leadership as it continues to provide entertainment and dining experiences to its customers.
The information in this article is based on a press release statement from Dave & Buster’s Entertainment, Inc.
In other recent news, Dave & Buster’s Entertainment, Inc. reported its fiscal fourth-quarter 2024 results, which revealed a 9.4% decline in same-store sales, missing the consensus estimate of a 6.6% drop. Despite this, the company noted improvements in business trends during March and April. UBS analyst Dennis Geiger adjusted the company’s stock target significantly, lowering it to $18 from $35, while maintaining a Neutral rating. Piper Sandler also revised its price target to $22 from $33, citing the company’s underperformance in same-store sales but acknowledging some positive trends in recent months.
BMO Capital Markets reduced its price target to $30 from $47 but retained an Outperform rating, noting the company’s EBITDA for fiscal year 2024 missed consensus by $2 million. Benchmark analysts maintained a Hold rating, expressing caution despite some positive trends, and questioned the sustainability of the recent uptick. Raymond James kept a Market Perform rating, highlighting improved store margins and recent recovery in comparable store sales but raised concerns about the sustainability of cost cuts and the company’s leveraged balance sheet.
Management has introduced a "back to basics" strategy to address past errors, with interim CEO Kevin Sheehan leading the efforts. Analysts have expressed varying levels of skepticism about the company’s long-term recovery, given the challenging economic environment and internal strategic issues. These recent developments reflect the ongoing challenges and opportunities for Dave & Buster’s as it seeks to navigate a complex market landscape.
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