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Dec 31, 2020
One Group Hospitality Q4 2020 Earnings Report
The ONE Group's financial performance was impacted by COVID-19, but cost management led to increased restaurant operating profit.
Key Takeaways
The ONE Group reported a decrease in total GAAP revenues by 13.8% to $45.0 million for the fourth quarter of 2020 compared to $52.2 million in the fourth quarter of 2019. This decrease was primarily due to the effects of the COVID-19 pandemic, including occupancy limitations. Despite the revenue decrease, the Restaurant Operating Profit increased to $7.0 million, or 16.0% of company-owned restaurant net revenues.
Total GAAP revenues decreased 13.8% to $45.0 million due to COVID-19 impacts.
Restaurant Operating Profit increased to $7.0 million, representing 16.0% of company-owned restaurant net revenues.
Net loss attributable to The ONE Group Hospitality, Inc. was $4.5 million, or $0.15 net loss per share.
Adjusted EBITDA decreased to $4.1 million from $6.9 million in the same quarter of the previous year.
One Group Hospitality
One Group Hospitality
Forward Guidance
The Company intends to open thirteen new venues between 2021 and 2022. There are currently four STKs and three managed F&B restaurants under construction.