Dave & Buster's Entertainment Inc (Nasdaq: PLAY ) stock soared 15 percent Tuesday morning after the company reported a big first-quarter earnings beat and announced a new CEO. Investors are hoping positive momentum in the first quarter and fresh leadership will help get the stock back on track after a year of underperformance.

Dave & Buster's reported first-quarter adjusted earnings per share of $1.04 on revenue of $332.2 million. Both numbers beat consensus analyst estimates of 94 cents and $321.6 million, respectively. Revenue was up 9.2 percent from a year ago.

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Dave & Buster's reported a 4.9 percent drop in same-restaurant sales, slightly better than the 5.7 percent drop analysts were anticipating. The company opened six new stores in the first quarter, more than in any other previous quarter.

In addition to the strong numbers, Dave & Buster's announced that CEO Steve King will be replaced by CFO Brian Jenkins. King has been at the company for 12 years and has a long track record of success. The company doubled its store count and revenue under King's leadership and more than quadrupled its earnings before interest, taxes, depreciation and amortization.

"We continue to be pleased with our new store performance and are confident in our unit growth guidance for the year," King says in a statement. "The upcoming launch of our proprietary virtual reality platform, and the new 100 percent Angus Butcher's Blend burger are just two examples of improvements in our overall offering."

King also praised his successor and said investors are in good hands.

"Brian and I have worked together over the past decade to build this business, and I am excited to hand over the reins to him as he continues to lead the growth of Dave & Buster's into the future."

Looking ahead, Dave & Buster's guided for full-year revenue of between $1.2 billion and $1.24 billion, roughly in-line with consensus estimates of $1.23 billion. The company said it expects full-year same-restaurant sales to decrease in the "low- to mid-single digits" and is projecting net income of between $95 million and $110 million.

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Last week, SunTrust analyst Jake Bartlett said Dave & Buster's new "Jurassic Park" virtual reality game could be a tide-turner for investors.

SunTrust has a "buy" rating and $62 price target for PLAY stock.

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