The largest owner and operator of bowling centers in the world exceeded expectations in its latest earnings report.
Bowlero Corp. generated $267.7 million in revenue in fiscal Q4 — a 68.3% increase year-over-year — surpassing estimates of $195.2 million for the quarter.
- The results were driven by growth in event and walk-in retail revenue.
- Bowlero operates more than 300 bowling centers in North America.
- It posted $911.7 million in revenue for FY2022, up 130.7% compared to FY2021.
- Net loss for FY2022 reached $29.9 million compared to $126.5 million for the year prior.
Bowlero — which sees more than 26 million people bowl at its centers each year — opened four new locations in fiscal Q4, bringing its total of new bowling centers to 29 for FY2022.
The company will continue to expand as it plans to target some of the 3,500 independently owned bowling alleys in the U.S. for takeover acquisitions, per president and CFO Brett Parker.
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In December 2021, Bowlero went public through a merger with blank-check company Isos Acquisition Corp., valuing the combined entity at $2.6 billion. The deal included a raise of around $450 million through a private investment in public equity from institutional investors.
The raise included Apollo Global Management, Wells Fargo Asset Management, and others.
