By Dean Seal
Bowlero set guidance for revenue to rise up to 10% in the new fiscal year after it logged top line gains in the prior quarter.
The Richmond, Va.-based bowling center operator said it expects revenue to rise in the mid-single digit percentage range, and as much as 10%, equal to about $1.22 billion to $1.28 billion. Analysts surveyed by FactSet had forecast revenue of about $1.24 billion.
Bowlero shares rose 8.9% to $11.75 in after-hours trading. The stock is down almost 24% this year.
For the fourth quarter ended June 30, Bowlero posted a loss of $62.2 million, compared with a profit of $146.2 million in the similar period a year ago.
Revenue rose almost 19% to $283.9 million, topping analyst projections of $273.4 million, according to FactSet. Same-store revenue rose 6.9%, while the company added two locations through acquisitions.
The bottom line was impacted by a $59.8 million asset impairment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 05, 2024 16:50 ET (20:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.