Shares of Dave & Buster’s Entertainment (PLAY) jumped early Wednesday after the game-themed restaurant chain posted a better-than-expected key profit metric and announced an increase in its 澳洲幸运5官方开奖结果体彩网:stock buyback program.

Dave & Buster's reported fourth-quarter earnings b𒀰efore interest, taxes, depreciation, aꦚnd amortization (EBITDA) of $151.8 million, an increase of 9.7% from the year before🐓 and above analysts’ estimates. CEO Chris Morris said the company's turnaround plan is working.

The chain opened six new domestic stores and plans to add 15 more this fiscal year, as well as up to four international units, Morris said. He noted during a call with analysts that the firm's moves to overhaul locations, make menu adjustments, and raise prices have been effective so far.

In addition, the company said it was boosting its current share repurchase plan by $100 million, bringing the total value of shares it is authorized to buy back to $200 million.

Truist Securities raised its prಌice target on the stock from $75 to $78 each, saꦕying Dave & Buster’s was introducing new initiatives to grow sales which are expected to counteract near-term macroeconomic pressures.

The upbeat EBITDA number offset Dave & Buster’s lackluster fourth-quarter financial results. Earnings per share (EPS) came in at $1.03, with revenue up 6.3% to $599.1 million. Both missed forecasts. 澳洲幸运5官方开奖结果体彩网:Same-store sales dropped🌠 7%. Executives blamed bad weather in January for reducing restaurant💧 traffic.

Dave & Buster’s shares were trading up 11% at $68.68 each as of 10:40 a.m. ET and are up more than 25% this year.