Dave & Buster's Entertainment announced that its Board of Directors authorized an additional $100 million for its existing share repurchase program. This decision reflects the company's commitment to returning value to shareholders and indicates management's belief that the company's stock is undervalued. The company had already repurchased 2.0 million shares for $88.0 million year-to-date, representing 5.1% of outstanding shares as of the end of fiscal 2023.
In a separate initiative to drive customer engagement and frequency, Dave & Buster's introduced a new Winter Season Pass. Available in three tiers ranging from $69.99 to $149.99, the pass offers unlimited gameplay and exclusive food and non-alcoholic beverage discounts. The pass is valid through February 28, 2025, and aims to provide affordable entertainment options during the holiday season.
The Winter Season Pass is designed to encourage repeat visits and increase customer spend on food and beverages through tiered discounts. This marketing strategy, combined with the expanded share repurchase program, demonstrates a dual focus on enhancing shareholder value and revitalizing customer traffic and sales.
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