Earnings ·
ONE Group reports Q3 revenue of $177.0M and adds $5.0M to stock buyback program
STKSONE Group Hospitality, Inc.
The ONE Group Hospitality reported third-quarter GAAP revenues of $177.0 million, a 1.8% decrease from the prior year period, driven by restaurant closures under its portfolio optimization strategy. Consolidated comparable sales slightly decreased 0.4%, while Benihana brand comparable sales increased 0.7%. Restaurant operating profit margin expanded 190 basis points to 13.2% of owned restaurant net revenue. Year-to-date cash flow from operations rose 143% to $41.8 million, and Adjusted EBITDA for the quarter increased 5% to $11.1 million. The Board authorized an additional $5.0 million to its existing stock repurchase program. The company operates upscale restaurants and lounges including Benihana, STK, and Kona Grill.