Drive Shack Clocks 17% Revenue Growth In Q2

by Shivani Kumaresan, Benzinga Staff Writer

August 9, 2022 12:28 PM | 1 min read |

Drive Shack Inc DS reported second-quarter FY22 sales growth of 17.3% year-on-year to $86.7 million, beating the consensus of $82.58 million.
Revenue from golf operations rose 9.4% Y/Y, and sales of food and beverages jumped 57.6% Y/Y.
Operating expenses rose 17.7% Y/Y to $65.5 million.
The operating loss for the quarter was $(6.4) million versus an operating income of $1.1 million a year ago.
The company held $22.7 million in cash and equivalents as of June 30, 2022.
It reported an Adjusted EBITDA of $4.6 million versus $7.7 million last year, a 40% Y/Y decline.
Loss per share of $(0.12) missed the analyst consensus of $(0.10).
Price Action: DS shares are trading lower by 6.52% at $1.51 on Tuesday.