Shares of Dave & Buster's Entertainment Inc. PLAY, +1.26% tanked nearly 12% in the extended session Tuesday after the company beat quarterly earnings expectations but spoke of "ongoing challenges" and cut guidance for the year. Dave & Buster's said it earned $32.4 million, or 90 cents a share, in the second quarter, compared with $33.8 million, or 84 cents a share, in the year-ago period. Revenue rose 8% to $345 million, the company said. Analysts polled by FactSet had expected GAAP earnings of 84 cents a share on sales of $344 million. Comparable-store sales fell 1.8% in the quarter, driven by a decline in walk-in sales, Dave & Buster's said. The company guided for a deeper same-store sales decline for fiscal 2019, saying it expects a fall between 3.5% and 2% for the year compared with a previous expectation of a decline between 1.5% and 0.5%. Revenues for the year were seen between $1.338 billion and $1.359 billion, versus a prior expectation of revenue between $1.365 billion and $1.390 billion. Dave & Buster's shares ended the regular trading day up 2.9%.