Loading...
•
Sep 30, 2023
Gen Q3 2023 Earnings Report
GEN Restaurant Group reported financial results for Q3 2023, showing increased revenue but a decrease in comparable restaurant sales.
Key Takeaways
GEN Restaurant Group's Q3 2023 revenue increased by 7.4% to $45.6 million compared to Q3 2022. However, comparable restaurant sales decreased by 1.2%. Net income was $2.6 million, and adjusted EBITDA was $5.0 million.
Revenue increased by 7.4% to $45.6 million compared to the third quarter of 2022.
Comparable restaurant sales decreased by 1.2% compared to fiscal 2022.
Income from operations was $2.5 million, representing 5.4% of revenue.
Restaurant-level adjusted EBITDA was $8.4 million, accounting for 18.4% of revenue.
Forward Guidance
The company has signed or is in the final stages of signing 12 leases for new units and has an additional 8 locations in the LOI stage of negotiation, totaling 20 future locations.
Positive Outlook
- Four new restaurants are collectively generating annualized average unit volumes of approximately $5 million.
- New restaurants are currently on track for an average payback period of approximately 2.1 years, in-line with expectations.
- The company already has 12 leases signed or in final signing stages for new units.
- An additional 8 locations are in the LOI stage of negotiation for a total of 20 future locations.
- Leases for the majority of the company's 2024 locations are signed or in final stages of negotiation.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...