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Sep 30, 2024
One Group Hospitality Q3 2024 Earnings Report
Increased revenue by 152% and implemented $19 million in annual savings.
Key Takeaways
The ONE Group reported a significant increase in revenue, driven by the acquisition of Benihana and RA Sushi, and implemented cost-saving measures.
Total GAAP revenues increased 152.3% to $194.0 million.
Comparable sales decreased 8.8%.
Restaurant Operating Profit increased 175.6% to $25.1 million.
Implemented $19 million in annual savings to be realized over the next year.
One Group Hospitality
One Group Hospitality
Forward Guidance
The company plans to open five to six Company-owned locations annually while focusing on asset light development.
Positive Outlook
- Focusing on asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas.
- Prioritizing free cash flow generation.
- Prioritizing balance sheet flexibility.
- Prioritizing maximizing shareholder returns.
- Expect to open a managed STK in Niagara Falls.