Dave & Buster's Entertainment shares surged 10 percent Wednesday after the company reported better-than-expected quarterly results and raised full-year guidance.
Dave & Buster's, which owns and operates entertainment and dining venues, also announced the repurchase of up to $100 million in common stock.
The Dallas-based company reported earnings of 72 cents per share versus Wall Street consensus estimates of 59 cents a share, according to Thomson Reuters. The company's sales increased nearly 18 percent to $262 million versus an expected $251.42 million. Comparable-store sales increased 3.6 percent, down from a 9.9 percent increase in the same quarter a year earlier.
The company also raised its full-year earnings guidance to $1.85 to $1.97, about 15 cents higher than its previous outlook.
"Our unique entertainment, dining, and sports viewing venues are demonstrating their broad-based appeal despite challenges affecting many of our casual dining peers," CEO Steve King said in a statement. "We are off to a great start in fiscal 2016 with results that surpassed our expectations and are pleased to already be raising our annual outlook."
The company saw the largest non-comparable stores growth for any first quarter in Dave & Buster's history, which reflects the "growing impact of new store development," King said in the statement.
The stock is up more than 10 percent year to date and hit a new 52-week intraday high of $46.60. Shares of Dave & Buster's, which trade under the ticker PLAY, are up nearly 39 percent in the last year.