By Dean Seal

Shares of Lucky Strike Entertainment slumped after the company reported softness in its corporate-events business and withheld guidance due to rising economic uncertainty.

The stock was down 15% at 8.12 in early trading. Shares were trading at around $11.30 this time a year ago.

The operator of bowling alleys and entertainment venues said before the opening bell Thursday that revenue rose less than 1% in the latest completed quarter to $339.9 million, missing analyst projections for $357.7 million, according to FactSet.

While the retail-and-leagues business was stable and food sales jumped, Lucky Strike's corporate-events business declined during what Chief Executive Thomas Shannon called a "period of corporate austerity."

The softness was most pronounced in markets that are more exposed to the tech sector, Shannon said, adding that California and Seattle accounted for most of the underperformance.

Mechanicsville, Va.-based Lucky Strike said it will not be issuing guidance at this time as it contends with a lack of visibility about the economy going forward.

This is Lucky Strike's second earnings report since it rebranded away from the name Bowlero in a push to embrace more than just bowling alleys in its portfolio of venues.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 08, 2025 10:17 ET (14:17 GMT)

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