Michael Quartieri, Dave & Buster’s chief financial officer, will retire on April 30, 2024, the company announced Wednesday. Quartieri will remain CFO “until his successor is appointed and provide advisory services to ensure a smooth transition prior to his retirement date.”
Quartieri joined the company as CFO in early 2022, according to his LinkedIn profile. Later that year, Dave & Buster’s acquired Main Event, a 50-unit eatertainment brand, in an $835 million deal.
Dave & Buster’s CEO Chris Morris said the acquisition, led by Quartieri, “combined two of the strongest brands in the industry to create a leading platform in the rapidly growing experiential entertainment sector. ... We have created a significant footprint, an exceptional business model with strong assets, and a talented team with a long-term strategy focused on driving organic growth, improving profitability, and producing strong cash flow.”
While the company’s revenue is up year-to-date, Q3 saw some weakness for Dave & Buster’s, with same-store sales down 7.8% versus the year-ago quarter, but up 8.1% compared to 2019. Net losses increased from $1.9 million in Q3 2022 to $5.2 million in the same period this year. Food and beverage revenue fell by $1 million year-over-over, to $164.9 million in Q3 2023, the company’s 10-Q shows.
Dave & Buster’s sold four of its store properties, including the land and buildings, to a third party in October 2023 for $85.8 million in a leaseback agreement. The company has also opened 10 new stores in the first three quarters of 2023, according to the 10-Q.