Eatertainment chain Pinstripes, which went public earlier this month, saw growth in both food and recreation revenue during the third quarter as it plots significant expansion, according to preliminary financial results released Friday.
The Northbrook, Ill.-based bowling-bocce-bistro concept said total revenue rose 14.1% to $32.2 million during the period ended Jan. 7, with food and beverage revenue up 14.2% to $24.9 million and recreation revenue increasing 13.9% to $7.3 million.
Same-store sales at the 15-unit food-and-games chain increased 6.9% during the period.
Pinstripes opened one new location, in Aventura, Fla., during the third quarter. By the end of May, the company said it plans to debut four new venues—in Paramus, N.J.; Orlando; Coral Gables, Fla.; and Walnut Creek, Calif. It has previously said it will operate a total of 23 locations by the end of 2024. But it sees an opportunity to open many, many more.
“ … [W]e continue our expansion, with an estimated whitespace opportunity of up to 150 locations,” Dale Schwartz, Pinstripes’ founder and CEO, said in a statement. “We’re excited to begin calendar 2024 as a public company, and equally excited to deliver strong Q3 sales results across both food and beverage as well as recreation.”
Pinstripes representatives rang the opening bell of the New York Stock Exchange Friday morning, capping the chain’s go-public merger with special purpose acquisition company (SPAC) Banyan Acquisition Corp. on Dec. 27. It raised $70 million via the transaction with Banyan and secured a $50 million loan from funds managed by Oaktree Capital Management, with the promise of an additional $40 million if Pinstripes meets certain requirements.
Schwartz founded Pinstripes in 2006 and the first location opened the following year in suburban Northbrook, Ill. The chain currently operates in nine states and Washington, D.C.
It is one of a growing number of concepts melding food and entertainment, capitalizing on consumer demand for dining experiences post-pandemic.
The company said it intends to release its full third-quarter financial results and host a call with analysts on Feb. 21.
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