Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) Q2 2018 Earnings Conference Call Transcript
Sep 14, 2018 • 09:00 am ET
Good morning, everyone. Welcome to the Dave & Buster's Entertainment, Inc., Second Quarter 2018 Earnings Result Conference Call. Today's call is being hosted by Brian Jenkins, Chief Executive Officer. I'd like to remind everyone that this call is being recorded and will be available for replay beginning later today.
Now, I would like to turn the conference over to Arvind Bhatia, Director of IR for opening remarks. Please go ahead.
Thank you, April, and thank you all for joining us. On the call today are Brian Jenkins, CEO; and Joe DeProspero, Interim CFO. After comments from Mr. Jenkins and Mr. DeProspero, we will be happy to take your questions. This call is being recorded on behalf of Dave & Buster's Entertainment, Inc. and is copyrighted.
Before we begin our discussion of the company's results, I'd like to call your attention to the fact that in our remarks and our responses to your questions, certain items may be discussed, which are not based entirely on historical facts. (Forward-Looking Cautionary Statements).
Now, I will turn the call over to Brian.
Well, thank you, Arvind. Good morning, everyone, and thank you for joining our call today. As many of you know, I joined Dave & Buster's over a decade ago, and I'm proud of what our team has accomplished over that time. As I assumed the CEO role, I'm filled with a sense of optimism and commitment to continue our long track record of success.
During my recent store visits, I had the opportunity to hear from many of our team members and found their passion for our brand and excitement for the future extremely energizing. We have a strong foundation to build on as a leader in an attractive and growing entertainment space and are well positioned to propel our brand to new height. At the same time, we recognize the competitive landscape is changing, and we need to evolve and innovate with a sense of urgency.
I'm pleased with our second quarter performance and the progress we've made on our strategic priorities. We grew revenue by nearly 14% and EBITDA by 17%. On a comparable basis, we grew revenue by over 11% and EBITDA by nearly 7%. We drove meaningful sequential improvement in comp store sales during the quarter and new store performance remains strong, bolstering our confidence in the model. The 2017 class of stores is tracking well and we're encouraged by the early results of our 2018 class. As you may have seen, we are raising guidance on key performance metric. At the same time, we are excited to announce new capital allocation initiatives, including the initiation of a quarterly dividend and expansion of our share repurchase authorization.
As we look to the future, we remain laser focused on 4 strategic priorities: first, we are evolving of our offering to drive greater differentiation by introducing compelling new games and enhancing Food and Beverage. During the quarter, we launched our first VR title, Jurassic World VR Expedition on our industry-leading proprietary