Photo credit: Michael Rivera (Own work), via Wikimedia Commons

Dave & Buster’s Entertainment Inc PLAY shares fell sharply in after-hours trading after reporting first-quarter earnings.

Earnings came in at $1.13, beating estimates by a penny. Sales came in at $363.6 million, missing estimates by $7.41 million.

The company also cut FY2019 sales guidance from $1.37 billion-$1.40 billion to $1.365 billion-$1.390 billion.

“We delivered robust revenue and EPS growth and our new store performance remained strong, but comparable store sales were below expectations largely due to the Easter shift, which proved unfavorable this year," said CEO Brian Jenkins. "We are fully committed to executing on our four strategic priorities to strengthen the brand and remain focused on creating significant shareholder value over the long term."

Highlights

• Total revenue increased 95 percent
• Comparable store sales decreased 0.3 percent
• Opened 7 new stores
• EBITDA increased 3.2 percent
• Repurchased 1.3 million shares

Dave & Buster's shares traded lower by 16 percent to $43.40 in Tuesday's after-hours session. The stock closed at $51.53.