Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) shares climbed more than 15% intra-day on Wednesday, even though the company reported third-quarter results that missed analyst expectations amid declining comparable-store sales.

The company posted an adjusted loss of $1.14 per share for the quarter ended November 4, 2025, wider than the expected loss of $1.04. Revenue came in at $448.2 million, below consensus estimates of $461.73 million and down 1.1% from the year-ago period. Comparable-store sales declined 4.0% year-over-year.

Net loss widened to $42.1 million, or $1.22 per diluted share, compared with a loss of $32.7 million, or $0.84 per share, in the third quarter of fiscal 2024. Adjusted EBITDA fell to $59.4 million from $68.3 million a year earlier.

Management noted, however, that same-store sales for food and beverages were positive in the quarter and highlighted sequential monthly improvement, with the final month declining by only about 1%.