Lucky Strike Entertainment Corporation (LUCK) shares opened 5.59% lower in pre-market trading on Wednesday, after the company reported fiscal second-quarter revenue that fell short of expectations due to a slowdown in its corporate events business.
The Richmond, Virginia-based operator of bowling alleys and entertainment venues swung to a profit of $28.3 million for the quarter ended December 29th, from a loss of $63.5 million a year ago. However, quarterly revenue decreased 1.8% to $300.1 million, missing analysts' estimates of $316 million.
According to CEO Thomas Shannon, the corporate events business was on hold early in the quarter due to concerns over the election outcome. The timing of Thanksgiving also shortened the holiday events window by a third this year, and New Year's Eve fell into the fiscal third quarter instead.
"This most recent quarter came with heightened macroeconomic uncertainty," Shannon said in the earnings release. Despite the challenges, he highlighted the successful openings of new entertainment centers in Beverly Hills and Ladera Ranch, California.
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