Why Bowlero Stock Was Down This Week
Bowling center operator Bowlero (NYSE: BOWL) trailed a rising market this week. The stock was down 10% through Thursday trading compared to a 1.8% boost in the S&P 500. This decline put shares down 13% so far in 2023, according to data provided by S&P Global Market Intelligence, compared to the wider market's 9% increase.
This recent drop was sparked by the company's fiscal third-quarter earnings report covering the selling period through early April.
Bowlero announced on Wednesday that sales trends remained strong in the quarter as bowling fans increased their pace of visits. Revenue was up 22% in Q3 compared to the prior-year period and rose 54% compared to the pre-pandemic level. Fiscal Q3 is the company's strongest season, but demand trends did not disappoint through early April.
Source Fool.com
