Bowlero Corp. Announces Record Sales and Four New Bowling Centers in Nine Weeks Ended November 28, 2021
- Total bowling center revenue for the nine weeks ended November 28, 2021 grew 20.3% to $134 million versus pre-pandemic levels in the corresponding period of calendar 2019
- Four new bowling centers added to Bowlero’s portfolio, thus growing operating center count to 314
- Rebranded two iconic New York City Bowlmor Lanes venues to Bowlero
RICHMOND, Va., Dec. 07, 2021 (GLOBE NEWSWIRE) -- Bowlero Corp., the world’s largest owner and operator of bowling centers, and owner of the Professional Bowlers Association (“Bowlero”), has announced that it grew revenue in the first nine weeks of fiscal Q2 by more than 20%, while growing same store sales by 8.7% ahead of its plans to list on the NYSE through a merger with Isos Acquisition Corporation (NYSE: ISOS.U, “Isos”) later this quarter. Upon the closing of the transaction with Isos, Bowlero’s common stock and warrants are expected to trade on NYSE under the new ticker symbols “BOWL” and “BOWL WS”.
Bowlero Corp., which announced Q1 results on November 15, 2021, continues to outpace pre-pandemic performance. In the nine weeks ended November 28, Bowlero Corp. increased total center revenue 20.3% to $134 million.
Bowlero Corp. also grew its bowling center portfolio by adding four new bowling centers in the United States – consisting of two acquisitions of centers in Spring Hill Lanes in Spring Hill, FL, and Stars in Vacaville, CA, and the opening of two newly constructed locations in Oxnard, CA and Tysons, VA.
“Through the first nine weeks of fiscal Q2, we are continuing to see substantial sales gains from pre-pandemic levels,” said Brett Parker, President and CFO of Bowlero Corp. “Strong same store performance along with unit additions continue to drive our excellent performance.”
Bowlero Corp. also recently announced the rebranding of its two iconic New York City venues from Bowlmor Lanes to its premium Bowlero brand. The transition of the two Manhattan locations, in Times Square and Chelsea Piers, exemplify Bowlero Corp.’s brand unification strategy, in which the three remaining Bowlmor Lanes locations in Atlanta, GA, Cupertino, CA., and Scottsdale, AZ will ultimately join 151 premium Bowlero centers and 160 traditional centers.
“It’s another historic chapter for Bowlero Corp. to have our flagship New York City centers join the Bowlero brand,” said Colie Edison, Chief Customer Officer for Bowlero Corp. “The Bowlero brand represents the future of bowling; one that is rooted in the rich history of the sport and embraces the vibrant future of the industry. We look forward to continuing to deliver the best in bowling entertainment to our beloved New York guests; many of whom have grown up in our centers and are now introducing the love of the game, and the experience, to the next generation.”
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which it acquired in 2019 and which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
About Isos Acquisition Corporation
Isos Acquisition Corporation (NYSE: ISOS.U) is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Isos is led by Co-Chief Executive Officers George Barrios and Michelle Wilson. For more information on Isos Acquisition Corporation, please visit www.isosacquisitioncorp.com.
Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against ISOS, Bowlero or others following announcement of the business combination and the transactions contemplated therein; the inability to complete the transactions contemplated by the business combination due to the failure to obtain approval of the shareholders of Isos or Bowlero or other conditions to closing in the business combination agreement; the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of Bowlero to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; costs related to the proposed business combination; the possibility that Isos or Bowlero may be adversely impacted by other economic, business, and/or competitive factors; the risk that the market for Bowlero’s entertainment offerings may not develop on the timeframe or in the manner that Bowlero currently anticipates; general economic conditions and uncertainties affecting markets in which Bowlero or operates and economic volatility that could adversely impact its business, including the COVID-19 pandemic; the ability of Bowlero to attract new customers and retain existing customers; changes in consumer preferences and buying patterns; inability to compete successfully against current and future competitors in the highly competitive out-of-home and home-based entertainment markets; inability to operate venues, or obtain and maintain licenses and permits necessary for such operation, in compliance with laws, regulations and other requirements; damage to brand or reputation; its ability to successfully defend litigation brought against it; its ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; fluctuations in Bowlero’s operating results; security breaches, cyber-attacks and other interruptions to its and its third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other international conflicts, adverse weather conditions, public health issues or natural catastrophes and accidents; risk of increased regulation of its operations; the projected financial information, anticipated growth rate, and market opportunity of Bowlero; the ability to obtain or maintain the listing of new Bowlero’s Class A common stock and warrants on the NYSE following the completion of the business combination; Isos’s and Bowlero’s public securities’ potential liquidity and trading; future capital needs of Bowlero following the completion of the business combination; the significant uncertainty created by the COVID-19 pandemic and the negative impact of the COVID-19 pandemic on Bowlero; and factors described under the section titled “Risk Factors” in the definitive proxy statement/prospectus filed by Isos with the SEC relating to a potential business combination between Isos and Bowlero, as well as other filings that Isos has or Isos or Bowlero will make with the SEC, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date the statements are made. Neither Isos nor Bowlero assume any obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws.