By Will Feuer
Bowlero reported a drop in sales for its fiscal first quarter after the chain of bowling centers experimented with various promotions and bundled pricing offers.
The Richmond, Va., operator of about 350 bowling centers posted a profit of $18.2 million, for the three months ended Oct. 1, compared with a loss of $33.5 million in the same period last year. Analysts surveyed by FactSet expected a loss of $10.9 million.
Revenue slipped more than 1% to $227.4 million. Analysts surveyed by FactSet expected $228.8 million. Same-store sales fell 5.5% from a year ago.
The company’s fiscal first quarter is typically Bowlero’s slowest, Chief Executive Thomas Shannon said.
“We used this time to test a variety of promotions and new bundled pricing structures,” he said. Those experiments, he said, weighed on same-store sales. “Based on what we learned, we quickly struck the right balance between mid-week and weekend pricing and got a deeper understanding of our different customer segments.”
Same-store revenue turned positive in mid-October, he said.
Write to Will Feuer at [email protected]
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