Welcome to our dedicated page for GEN Restaurant Group news (Ticker: GENK), a resource for investors and traders seeking the latest updates and insights on GEN Restaurant Group stock.
GEN Restaurant Group, Inc. (NASDAQ: GENK) is a prominent player in the U.S. casual dining sector, specializing in Asian cuisine. The company operates a chain of Korean BBQ restaurants, known for their unique cook-it-yourself dining experience. With over 40 locations spread across 8 states, GEN Korean BBQ offers a vibrant and interactive culinary environment where guests grill their own meals at the table. The menu features a wide array of traditional Korean and Korean-American dishes, including premium meats, poultry, seafood, and mixed vegetables.
GEN Restaurant Group has shown resilience and growth despite the challenges posed by the COVID-19 pandemic. The company witnessed a significant upturn in operations starting from the second quarter of 2023, following the lifting of capacity restrictions. The first quarter of 2022 also marked a financial milestone with the forgiveness of a $0.4 million PPP loan under the CARES Act.
Financially, GEN has been navigating several key areas:
- Employee Retention Credits: Recognized refundable credits under the CARES Act.
- Litigation Accruals: Addressed a one-time litigation claim accrual in 2022.
- Non-Cash Lease Expense: Managed lease expenses that vary from contractual rent agreements.
In terms of recent financial performance, GEN reported a 16% increase in total revenue for the first quarter of 2024, reaching $50.8 million compared to $43.9 million in the same period of the previous year. However, comparable restaurant sales saw a slight decline of 1.8%. The company also incurred stock-based compensation expenses related to Restricted Stock Units (RSUs) granted to employees during the third quarter of 2023.
GEN's leadership believes that non-GAAP measures, such as restaurant-level adjusted EBITDA, provide valuable insights into the company's core business trends, helping investors make more informed decisions. These measures exclude items like depreciation, pre-opening costs, and related party consulting fees.
Looking ahead, GEN Korean BBQ remains focused on expanding its unique dining concept while maintaining financial stability. The company continues to attract diners with its modern décor, lively atmosphere, and a menu that appeals to both traditional and contemporary tastes.
For the latest updates and detailed information, visit GEN Korean BBQ's official website.
GEN Restaurant Group (GENK) announced the opening of two new locations in Q1 2025 - its first restaurant in Edison, New Jersey, and a third Florida location in Orlando. The Edison location is situated in Festival Plaza, while the Orlando restaurant is located in Waterford Lakes Town Center.
The expansion into New Jersey targets a market known for its cultural diversity and culinary scene, while the Orlando location aims to capitalize on the city's status as a global tourist destination with millions of visitors. Both locations will feature GEN's signature 'grill at your table' concept and extensive menu offering authentic Korean barbecue with a modern twist.
The Edison location operates Monday to Thursday from 11:00 a.m. to 10:30 p.m. and Friday to Sunday from 11:00 a.m. to 11:00 p.m. The Orlando restaurant is open Sunday to Thursday from 11:00 a.m. to 10:30 p.m. and Friday to Saturday from 11:00 a.m. to 11:30 p.m.
GEN Restaurant Group (GENK) announced a significant leadership change as Co-Founder Jae Chang stepped down as Co-CEO, effective January 8, 2025. Chang will continue to serve on the Company's board while Chairman and Co-CEO David Kim assumes the role of sole CEO. GEN Korean BBQ, known for its casual dining concept and 'grill at your table' experience, was co-founded by Chang and Kim in 2011.
Chang expressed pride in the company's accomplishments since its founding, while Kim emphasized the company's commitment to building upon their established foundation and executing their growth strategy with their experienced team.
GEN Restaurant Group (GENK) reported Q3 2024 financial results with total revenue increasing 7.8% to $49.1 million compared to Q3 2023. The company maintained restaurant-level adjusted EBITDA margin above 18% of revenue, while net income was $0.2 million or $0.01 per diluted share. Comparable restaurant sales decreased 9.6%. The company opened one new location during Q3 and two more in October 2024, maintaining its expectation to open 10-11 new locations in 2024. Cash and cash equivalents stood at $22.1 million. The company also launched gift cards at participating Costco locations within five miles of most regions across the U.S.
GEN Restaurant Group (Nasdaq: GENK), owner of GEN Korean BBQ, announces its upcoming third quarter 2024 financial results conference call scheduled for Tuesday, November 12, 2024, at 5:00 p.m. ET. The company will release its financial results for the quarter ended September 30, 2024, prior to the call. Co-CEO David Kim and CFO Tom Croal will host the event, which will include a Q&A session. The call will be accessible via toll-free and international dial-in numbers, with a live broadcast and replay option available through the company's website.
GEN Restaurant Group (Nasdaq: GENK) has opened a new GEN Korean BBQ location in Maui, Hawaii. This marks the company's fourth restaurant in Hawaii and expands its national footprint to 41 total locations. The new Maui restaurant is part of GEN's strategic expansion goals, capitalizing on Hawaii's popularity among global travelers and locals seeking value-oriented dining options.
GEN's existing Hawaii locations generate approximately $6 million - $8 million each in annual revenue. The company aims to open 10-11 new locations across the country by year-end and reach 75-80 total locations by the end of 2026. GEN is also planning further expansion in Hawaii, with the Big Island as its next target.
The new Maui restaurant is located in the Puunene Shopping Center and is open daily from 10 a.m. to 10 p.m.
GEN Restaurant Group, Inc. (Nasdaq: GENK), owner of GEN Korean BBQ, has announced its investor marketing schedule for September 2024. The company will participate in several events:
1. 2024 Gateway Conference in San Francisco on September 4th, featuring a presentation and meetings.
2. 2024 Benchmark Consumer 1x1 Investor Conference in New York on September 12th, with one-on-one and group meetings.
3. ROTH Non-Deal Roadshows in Toronto (September 25th) and Montreal (September 26th), offering one-on-one and group meetings.
These events provide opportunities for investors to engage with GEN Restaurant Group and learn more about its fast-growing casual dining concept, which features an extensive menu and signature 'grill at your table' experience.
GEN Restaurant Group (Nasdaq: GENK) reported strong Q2 2024 financial results, with total revenue increasing 15.9% to $53.9 million compared to Q2 2023. Key highlights include:
- Income from operations: $1.6 million (3.0% of revenue)
- Restaurant-level adjusted EBITDA: $10.2 million (19.0% of revenue)
- Adjusted EBITDA: $4.9 million (9.1% of revenue)
- Net Income: $2.1 million (3.8% of revenue)
- Cash and cash equivalents: $29.2 million
The company opened one new location in Jacksonville, Florida, and began construction on seven additional stores. GEN now anticipates opening 10 to 11 new locations in 2024, up from previous guidance. Despite a broader pullback in consumer spending, GEN continues to see outperformance at new locations and profitability levels meeting or exceeding internal targets.
GEN Restaurant Group, Inc. (Nasdaq: GENK), owner of GEN Korean BBQ, has appointed David Park to its board of directors and audit committee, effective July 24, 2024. This expansion brings the board to five total directors, with three serving independently. Park, founder and CIO of Alpha Park Partners, brings over 20 years of capital markets and M&A experience to the role. He has held senior positions at firms like Archegos Capital, Tiger Asia, and Goldman Sachs. GEN's Co-CEO and Board Chair, David Kim, welcomed Park's expertise as the company navigates public markets and executes its growth strategy. Park expressed excitement about joining GEN at this inflection point, citing the company's plan to double its footprint in the next two years and create long-term shareholder value.
GEN Restaurant Group, Inc. (Nasdaq: GENK), owner of GEN Korean BBQ, has announced its upcoming second quarter 2024 earnings conference call. The call is scheduled for Wednesday, July 31, 2024, at 5:00 p.m. Eastern time. Co-CEO David Kim and CFO Tom Croal will host the call, which will be preceded by a press release detailing the financial results for the quarter ended June 30, 2024.
Investors can join the call using the toll-free number 1-877-407-0792 (US) or 1-201-689-8263 (International) with Conference ID 13747302. The call will also be broadcast live and available for replay on the company's website. A telephonic replay will be accessible until August 7, 2024.
GEN Restaurant Group has launched a new Premium Menu at its GEN Korean BBQ locations nationwide. This menu, available for an extra fee per person or a la carte, includes high-quality proteins like Premium Marinated Long Bone Short Rib Steak, Wagyu, and Premium Marbling Center Cut Marinated Short Rib. Other options include Al Pastor, Pollo Asado, and Premium Cajun Shrimp. The menu aims to enhance the dining experience by offering a variety of gourmet-level entrees and interactive cooking at the table. GEN aims to elevate traditional Korean and Korean-American cuisine while introducing non-traditional items like their Taco Sampler.
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