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2024 Q1 - Quarterly Results

2024-06-27-财报陈***

AI智能总结

Pinstripes Holdings, Inc., a leading experiential dining and entertainment brand known for its unique combination of bistro, bowling, bocce, and private event space, recently released its fiscal year 2024 financial results, highlighting key achievements and setting forth guidance for fiscal year 2025.

Fiscal Year 2024 Highlights:

Revenue: Total revenue grew by 6.7% to $118.7 million, driven by a 5.6% increase in food and beverage revenue to $92.4 million and a 10.6% rise in recreation revenue to $26.3 million.
Same Store Sales: Same store sales increased by 3.0%.
Venue-Level EBITDA: Venue-Level EBITDA decreased by 9.2% to $13.1 million, with a margin of 11.0%, marking a decline of 223 basis points from the previous year.
Margins for Mature Venues: Mature venues showed a robust performance with a 14.4% EBITDA margin, up by 118 basis points from the previous fiscal year.

Fiscal Year 2025 Guidance:

New Venue Openings: Plans include the opening of four new venues.
Mature Store Venue-Level Margin: Guidance targets a range of 20-22%.
General & Administrative Expenses: Expected to be approximately $17.0 million, including non-cash stock compensation and taxes.
Pre-Opening Expenses: Estimated at $3.0 million.
Adjusted EBITDA: Guided between $19.0 million and $21.0 million.

Key Developments:

Pinstripes opened two new venues in Paramus, NJ, and Orlando, FL, increasing its total number of venues to 17 by April 28, 2024.
The company noted improvements in its mature venue base, achieving a venue-level EBITDA margin improvement of 310 basis points.
Cost savings initiatives have been identified, with the potential for approximately $10 million in annual savings, aiming to boost mature store contribution margins by about 500 basis points.

Future Outlook:

Pinstripes is planning to open venues in Walnut Creek, CA, Coral Gables, FL, Bellevue, Seattle, Jacksonville, and more, totaling over 30 potential locations in various stages of development.
The company is confident in its ability to navigate the current consumer environment and anticipates further acceleration in development efforts with the addition of Newmark as its Master Broker.

This financial update underscores Pinstripes' strategic focus on enhancing operational efficiency, expanding its footprint, and driving growth through innovative partnerships and cost-saving measures.

PinstripesReportsFiscalFourthQuarter,FiscalYear2024Results,AndFiscal2025Guidance 17totalvenueswiththreeadditionalvenuesindevelopmentasofJune27,2024IssuesFiscal2025guidanceincludingapproximately$10millioninannualcostsavings NORTHBROOK,Ill.-June27,2024-PinstripesHoldings,Inc.(“Pinstripes”or“theCompany”)(NYSE:PNST),abest-in-classexperientialdiningandentertainmentbrandcombiningbistro,bowling,bocceandprivateeventspace,todayreporteditsfinancialresultsforthefiscalfourthquarterandfiscalyearendedApril28,2024. FourthQuarterFiscal2024Highlights •Totalrevenueincreased5.9%to$36.2million,comparedtotheprioryearfiscalfourthquarter ◦Foodandbeveragerevenuesincreased4.9%to$27.6million ◦Recreationrevenuesincreased9.5%to$8.6million •Samestoresalesincreased0.4%overtheprioryearperiod •Operatinglosswas$10.7million,includingpre-openingexpensesof$1.7million,or4.6%oftotalrevenue,comparedtooperatinglossof$7.4million,includingpre-openingexpensesof$2.8million,or8.2%oftotalrevenue,intheprioryearperiod. •Netlosswas$8.7millioncomparedtoanetlossof$8.8millionintheprioryearperiod. •StoreVenue-LevelEBITDA(1)was$1.3million,adecreaseof$1.3millionfromtheprioryearperiod ◦Venue-LevelEBITDAmarginwas3.7%,adecreaseof456basispointsfromtheprioryearperiod ◦Venue-LevelEBITDAmarginformaturevenues(2)was11.4%,anincreaseof309basispointsfromtheprioryearperiod •AdjustedEBITDA(1)was$(5.4)millioncomparedto$(2.4)millionintheprioryearperiod. Fiscal2024Highlights •Totalrevenueincreased6.7%to$118.7millioninfiscal2024(52weeksendedApril28,2024),comparedtothepriorfiscalyear(53weeksendedApril30,2023).Theextraweekinfiscal2023contributedapproximately$2.5millioninrevenueinfiscal2023. ◦Foodandbeveragerevenueincreased5.6%to$92.4million ◦Recreationrevenueincreased10.6%to$26.3million •Samestoresalesincreased3.0%overthepriorfiscalyear •Operatinglosswas$21.8million,includingpre-openingexpensesof$8.9million,or7.5%oftotalrevenue,comparedtooperatinglossof$13.7million,includingpre-openingexpensesof$4.9million,or4.4%oftotalrevenue,inthepriorfiscalyear. •Netlosswas$6.8millioncomparedto$7.5millioninthepriorfiscalyear. •Venue-LevelEBITDA(1)was$13.1million,adecreaseof$1.3million,or9.2%,fromthepriorfiscalyear ◦Venue-LevelEBITDAmarginwas11.0%,adecreaseof223basispointfromtheprioryear ◦Venue-LevelEBITDAmarginformaturevenues(2)was14.4%,anincreaseof118basispointsfromtheprioryear •AdjustedEBITDA(1)was$(11.7)millioncomparedto$2.3millionintheprioryear. DaleSchwartz,FounderandCEO,stated,“We’vehadanexcitingandproductivesixmonthssincebecomingapubliccompanyatthebeginningoftheyear.Wearepleasedwiththecontinuedprogressacrossourbusiness,includingthestrongopeningoftwonewvenuesinNewJerseyandFlorida,aswellaspostinga310-basispointvenue-levelEBITDAmarginimprovementinourmaturestorebase.Moreover,wewereabletodrivebothpositivecomparablesalesgrowthandpositivetrafficgrowthduringthefiscalfourthquarterdespiteachallengingconsumerenvironment,whichisatestamenttothepassionanddedicationofourmorethan1,800teammembersinprovidingourguestswiththatmagicalmomentsthey’vecometoexpectfromvisitingPinstripes.” Schwartzcontinued,“Ourmaturevenuebase,thosestoresopengreaterthan24months,showcasesthepowerandpotentialofthePinstripesbrand,generatingstrongprofitabilityimprovementbothduringthefiscalfourthquarterandfullyear2024.Nevertheless,webelievewehaveanevenmoresignificantopportunitytoimprovemarginsthroughfiscal2025.Inrecentmonths,wehaveidentifiedseveralcostsavingsopportunities,representingapproximately$10millioninannualsavings.Ultimately,thesesavingshavethepotentialtofurtherimproveourmaturestorecontributionmarginsbyapproximately500basispointsandwelookforwardtoreapingthefullsavingsbenefitinfiscal2025andbeyond.” Schwartzconcluded,“Wehaveseveralexcitingvenuesinthedevelopmentpipeline,startingwithvenuesinWalnutCreek,CAandCoralGables,FLthatareslatedtoopenduringthefiscalsecondquarterof2025.Aswelookfurtherintoourdevelopmentfunnel,wehavetwoprominentSeattlelocationsinBellevueandLakeUnionwithourpartnersatVulcanRealEstate,anewJacksonvillelocationwithSimonPropertyGroup,andmorethan30potentiallocationsinvariousstagesofdevelopment.Combinedwithourcurrentportfolioof17openlocations,wenowhave22totallocationsopen,underconstructionorunderlease.Ourbrandcontinuestobeuniquelypositionedforthecurrentconsumerenvironment,andournewpartnershipwithNewmarkasourMasterBrokerwillfurtheraccelerateourdevelopmentefforts.” (1)Venue-LevelEBITDAandAdjustedEBITDAarenon-GAAPmeasures.ForreconciliationsofthesemeasurestothemostdirectlycomparableGAAPmeasure,seetheaccompanyingfinancialtables. (2)MatureVenuesaredefinedasvenuesopengreaterthan24months. DevelopmentUpdate Duringandsubsequenttothefourthquarteroffiscal2024,theCompanyopenedtwonewvenues,bringingthetotalvenuecountto17asofApril28,2024. •Paramus,NJopenedFebruary2024 •Orlando,FLopenedApril2024 ReviewofFourthQuarterFiscal2024FinancialResults Totalrevenueswere$36.2millioncomparedto$34.2millioninthefourthquarteroffiscal2024.Samestoresalesincreased0.4%forthefourthquarterof2024ascomparedtothefourthquarteroffiscal2023. Foodandbeveragec

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