Dave & Buster's Entertainment (PLAY) stock plunged nearly 17% in Wednesday's intraday trading session, following the company's disappointing third-quarter earnings results and the unexpected resignation of CEO Chris Morris.
The entertainment and dining chain reported a wider-than-expected loss for its fiscal third quarter, citing adverse weather trends across key regions and disruptions from store remodel construction. Revenue fell 3% year-over-year to $453 million, missing analysts' expectations of $463.7 million. The company also reported an adjusted loss per share of $0.45, wider than the estimated loss of $0.36.
Adding to the company's woes, CEO Chris Morris, who had been at the helm for just over two years, announced his resignation to pursue other opportunities. The abrupt leadership change has raised concerns about Dave & Buster's ability to execute its strategic plan and navigate the challenging economic environment. The company's board chair, Kevin Sheehan, will serve as interim CEO while the search for a permanent replacement is underway.
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