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PNST NYSE· Pinstripes Holdings Inc.
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PNST NYSE· Pinstripes Holdings Inc.
Earnings report Q1 2024

Pinstripes Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

Pinstripes reported total revenue of $32.16 million for the twelve weeks ended January 7, 2024, representing a significant increase from $28.18 million in the same period last year. The company's revenue was primarily driven by food and beverage sales, which amounted to $24.85 million, up from $21.76 million in the prior year. Additionally, recreation revenues increased to $7.31 million, compared to $6.42 million in the same period last year.

Strengths

Pinstripes demonstrated strong revenue growth in the latest quarter, with a notable increase in both food and beverage sales and recreation revenues. The company's experiential dining and entertainment concept, combining Italian-American cuisine with bowling and bocce, continues to attract consumers across generations. Pinstripes' large-format community venues offer a unique and engaging experience, catering to the consumer longing for human connectedness. The management's focus on delivering a broad range of experiences, including private events and weddings, has contributed to the company's revenue growth.

Challenges

Despite the overall positive performance, Pinstripes reported an operating loss of $3.06 million for the twelve weeks ended January 7, 2024. This loss can be attributed to various factors, including the cost of food and beverage, store labor and benefits, store occupancy costs, and general and administrative expenses. The company also incurred pre-opening expenses, which further impacted its profitability.

Noteworthy

Pinstripes' revenue growth in the latest quarter reflects the success of its experiential dining and entertainment concept. The company's ability to combine sophisticated fun with exceptional cuisine has resonated with consumers, leading to increased sales. Additionally, Pinstripes' focus on hosting private events, such as weddings, has likely contributed to its revenue growth.

Summary

Pinstripes reported strong revenue growth in the latest quarter, driven by increased food and beverage sales and recreation revenues. The company's experiential dining and entertainment concept, along with its large-format community venues, has attracted consumers across generations. However, Pinstripes also faced challenges, including an operating loss and various expenses impacting profitability. Overall, the company's revenue growth reflects the success of its unique concept and its ability to deliver engaging experiences to its customers.

Source documents

Form 10-Q  filed on Feb 21, 2024
20 pages scanned

Reference data

Company financials Q1 revenue 32.2M
Analyst estimates Q1 EPS missed by -∞%
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