Dave & Buster's Entertainment (PLAY) - Get Report sank 21.9% in trading Wednesday to $40.25 after the restaurant chain reported fiscal first-quarter earnings and sales below estimates and issued fiscal-year guidance lower than its previous forecasts.

Earnings in the quarter were $1.13 a share vs. $1.04 a year earlier but were below analysts' forecasts of $1.15. Revenue of $363.6 million also came in higher than a year earlier but it too missed forecasts of $372 million. Comparable-store sales declined 0.3% in the period.

Dave & Buster's said earnings in the fiscal year would be $103 million to $113 million vs. prior guidance of $105 million to $117 million. The company said it anticipates revenue for the year of $1.365 billion to $1.39 billion; its previous outlook called for revenue between $1.37 billion and $1.4 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."

Raymond James cut its price target on Dave & Buster's to $50 from $60, while SunTrust RH reduced its target to $47 from $64 and downgraded shares to hold from buy.