Bowlero Posts 10% Decline In Q4 Revenue; Boosts Share Buyback Plan
Portfolio Pulse from Shivani Kumaresan
Bowlero Corp (NYSE:BOWL) reported a 10.6% YoY decline in Q4 FY23 sales to $239.42 million, missing the analyst consensus. However, revenue increased 54% compared to Q4 FY19. The company's gross profit for the quarter plunged 30.5% to $57.2 million. The company repurchased 6.4 million shares at an average price of $12.64 and the Board authorized an increase to the share repurchase program to $200 million. Bowlero sees FY24 revenue of $1.14 billion - $1.19 billion.
September 11, 2023 | 2:30 pm
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Bowlero's Q4 FY23 sales declined by 10.6% YoY, missing analyst consensus. However, the company boosted its share buyback plan to $200 million.
Bowlero's Q4 FY23 sales declined by 10.6% YoY, which is a negative signal for investors. However, the company's decision to boost its share buyback plan to $200 million could be seen as a positive signal, as it indicates that the company believes its shares are undervalued. This could potentially offset the negative impact of the sales decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100