Thursday, November 17, 2022
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A good start to the fiscal year. Fiscal first quarter revenues exceeded our expectation at $230.3 million versus our estimate of $222.5 million. Notably, the quarter illustrated the return of COVID-impacted business lines. League and Tournament revenue was up 46% and Group Event revenue was up 86%.
Hitting its stride. The company demonstrated favorable revenue trends across all of its business lines with strong growth of Bowling & Shoe (+24.5%), Food & Beverage (+31.2%), and Amusement (+29.9%).
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.