Why Bowling Center Operator Bowlero's Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Bowlero Corp's shares surged by 12% following its Q1 FY24 results. Despite sales and same-store revenue declining, the company reported a net income of $18.2 million, compared to a loss of $33.5 million last year. The company also repurchased 12.1 million shares and reiterated its FY24 revenue outlook. Bowlero plans to reinvest heavily in the business, with significant funds allocated for acquisitions, new builds, and conversions. Last month, the company completed a $432.9 million sale-leaseback transaction.
November 07, 2023 | 6:21 pm
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Bowlero's shares surged after its Q1 FY24 results. Despite a decline in sales and same-store revenue, the company reported a net income, repurchased shares, and reiterated its FY24 revenue outlook. It also completed a significant sale-leaseback transaction.
Bowlero's shares surged due to positive Q1 FY24 results, including a reported net income compared to a loss last year, share repurchases, and a reiterated FY24 revenue outlook. The company's plan for heavy reinvestment and a completed sale-leaseback transaction also likely contributed to the stock's rise.
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