The following is a summary of the Pinstripes Holdings Inc. (PNST) Q3 2023 Earnings Call Transcript:

Financial Performance:

• Pinstripes Holdings reported a 14.1% increase in Q3 revenue to $32.2 million, driven by a 14.2% increase in food and beverage revenues and a 13.9% increase in recreation revenues.

• Cost of food and beverage as a percentage of total revenue decreased to 15.6% due to food cost optimization initiatives.

• Labor and benefits as a percentage of total revenue decreased slightly to 33.7%.

• The company had $39.6 million in cash and cash equivalents and $102 million of outstanding debt as of January 7, 2024.

• Pinstripes raised more than $70 million in gross proceeds from merging with Banyan Acquisition Corporation.

• The company expects low single-digit same-store sales growth for the fiscal 2024 fourth quarter.

Business Progress:

• Pinstripes has seen significant growth in their business operations, with new venue openings planned across various locations including Orlando, Walnut Creek, and Coral Gables in the upcoming months.

• Development plans outline that 85% of their current and all planned locations are suburban, aligning well with the post-COVID hybrid office trend.

• Looking ahead, Pinstripes estimates potential for at least 150 locations domestically, and see international expansion as an equally significant or greater opportunity.

• The company is prioritizing various areas for cost reduction, primarily in labor and other operating expenses.

• The company expects significant opportunities in fiscal 2025 and plans to capture a greater amount of operating leverage.

More details: Pinstripes Holdings IR

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