NEW YORK (TheStreet) -- The S&P 500 (SPY) - Get Report declined 1.15% on Friday, while the Nasdaq (QQQ) - Get Report slipped 2.3%. But one stock managed to have a party anyway: Dave & Buster's Entertainment (PLAY) - Get Report , which closed the day higher by 7.5% on its first day of trading on the Nasdaq.
Dave & Buster's PLAY Price data by YCharts
King explained that the company plans to use the proceeds to pay down debt before focusing on expanding its operations. Currently, the company has 70 locations, but it has not penetrated markets in Seattle, Tampa or Portland, just to name a few.
He plans on trying to grow the location count by 10% per year, with the goal being to eventually have over 200 locations within the U.S. and Canada. The company wants to begin opening locations internationally as well.
As the economy continues to improve, Dave & Buster's may be a natural beneficiary, as it combines entertainment and dining.
Comparable-store sales climbed 5% in the first half of 2014, King said, with the entertainment business, which posted comp-sales gains of 6%, outpacing the food and dining business.
The company originally shelved its plans to IPO in 2012, after being taken private in 2006. Following Friday's close, the company's market cap stood at $675.4 million. Dave & Buster's grew total revenues 12.2% in 2013 to $608 million, from $542 million in 2012.
-- Written by Bret Kenwell