Pinstripes Holdings, Inc. Rings the NYSE Opening Bell Today and Reports Preliminary Unaudited Fiscal 2024 Third Quarter Sales Results
20 January 2024 - 12:00AM
Business Wire
Company to Announce Fiscal 2024 Third Quarter
Financial Results on February 21, 2024
Pinstripes Holdings, Inc. (“Pinstripes” or “the Company”) (NYSE:
PNST), a best-in-class experiential dining and entertainment brand
combining bistro, bowling, bocce and private event space, today
reported preliminary sales results for the fiscal third quarter
ended January 7, 2024.
Preliminary Fiscal 2024 Third Quarter Sales Highlights, as
Compared to Fiscal 2023 Third Quarter:
- Total revenue increased 14.1% to $32.2 million
- Food and beverage revenues increased 14.2% to $24.9
million
- Recreation revenues increased 13.9% to $7.3 million
- Comparable venue sales increased 6.9%
Development Update
During the fiscal third quarter of 2024, the Company opened one
new venue, bringing the total venue count to 15 as of January 7,
2024.
- Aventura, FL opened December 2023
Management Commentary
Dale Schwartz, Founder and CEO, stated, “We're excited to begin
calendar 2024 as a public company, and equally excited to deliver
strong Q3 sales results across both food and beverage as well as
recreation. Moreover, we opened two new locations to close out 2023
with Topanga, CA opening in September and Aventura, FL opening in
December. By the end of May, we plan to open another four iconic
locations in Paramus, NJ; Orlando, FL; Coral Gables, FL; and Walnut
Creek, CA as we continue our expansion, with an estimated
whitespace opportunity of up to 150 locations. We're appreciative
of the continued efforts of our passionate team members, and also
wish to welcome any recent Pinvestors as public stockholders.”
Caution Regarding Preliminary Financial Results
The third quarter sales results presented in this press release
are preliminary, remain subject to the completion of normal
quarter-end accounting procedures and adjustments and therefore are
subject to change. Furthermore, the Company's independent
registered public accounting firm has not reviewed or performed
other procedures with respect to such preliminary sales results,
and their review or other procedures could result in changes to the
preliminary data presented. This preliminary financial data should
not be viewed as a substitute for full financial statements
prepared in accordance with GAAP and is not necessarily indicative
of the results to be achieved for any future period. The Company
expects to release final financial and operating results for its
fiscal third quarter ended January 7, 2024 on February 21, 2024 and
will then hold a conference call and webcast to discuss those
results.
Pinstripes operates on a 52-week or 53-week fiscal year that
ends on the last Sunday of April. In its 52-week fiscal year, the
first, second and third fiscal quarters each contain twelve weeks
and the fourth fiscal quarter contains sixteen weeks. In its
53-week fiscal year, the first, second and third fiscal quarters
each contain twelve weeks and the fourth fiscal quarter contains
seventeen weeks. Pinstripes’ 2024 fiscal quarter represents the 12
weeks ended January 7, 2024 and its 2023 third fiscal quarter
represents the 12 weeks ended January 1, 2023.
About Pinstripes, Inc.
Born in the Midwest, Pinstripes’ best-in-class venues offer a
combination of made-from-scratch dining, bowling and bocce and
flexible private event space. From its full-service
Italian-American food and beverage menu to its gaming array of
bowling and bocce, Pinstripes offers multi-generational activities
seven days a week. Its elegant and spacious 25,000 – 38,000 square
foot venues can accommodate groups of 20 to 1,500 people for
private events, parties, and celebrations. For more information on
Pinstripes, led by Founder and CEO Dale Schwartz, please visit
www.pinstripes.com.
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements.” Such forward-looking statements are
often identified by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “forecasted,” “projected,” “potential,”
“seem,” “future,” “outlook,” and similar expressions that predict
or indicate future events or trends or otherwise indicate
statements that are not of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
These forward-looking statements and factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: the ability of Pinstripes to recognize the
anticipated benefits of Pinstripes’ recently completed business
combination transaction, which may be affected by, among other
things, competition, the ability of Pinstripes to grow and manage
growth profitably, maintain key relationships and retain its
management and key employees; risks related to the uncertainty of
the projected financial information with respect to Pinstripes;
risks related to Pinstripes’ current growth strategy; Pinstripes’
ability to successfully open and integrate new locations; risks
related to the substantial indebtedness of Pinstripes; risks
related to the capital intensive nature of Pinstripes’ business;
the ability of Pinstripes’ to attract new customers and retain
existing customers; the impact of the COVID-19 pandemic, including
the resulting labor shortage and inflation, on Pinstripes; and
other economic, business and/or competitive factors. The foregoing
list of factors is not exhaustive.
Stockholders and prospective investors should carefully consider
the foregoing factors and the other risks and uncertainties
described in the “Risk Factors” section of the definitive joint
proxy statement/consent solicitation statement/prospectus filed by
Banyan in connection with the Business Combination, and other
documents filed by Pinstripes from time to time with the SEC.
Stockholders and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
only speak as of the date made, are not a guarantee of future
performance and are subject to a number of uncertainties, risks,
assumptions and other factors, many of which are outside the
control of Pinstripes. Pinstripes expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the expectations of Pinstripes with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20240119004026/en/
Investor Relations: Jeff Priester 332-242-4370
Investor@pinstripes.com Media: ICR for Pinstripes
PinstripesPR@icrinc.com
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