The ONE Group Reports Preliminary Fourth Quarter and Full Year 2024 Sales Results
The ONE Group (Nasdaq: STKS) reported preliminary sales results for Q4 and full year 2024. Total GAAP revenues for Q4 are expected to be around $221.0 million, marking a 145% increase from $89.9 million in the same period last year. However, comparable sales are anticipated to have decreased by approximately 4.3%.
For the full year 2024, total GAAP revenues are projected to be about $672.0 million, a 102% rise from $332.8 million in 2023, while comparable sales are expected to have fallen by around 6.8%. The revenue increases exclude contributions from the acquisition of Benihana Inc., which closed in May 2024.
CEO Emanuel “Manny” Hilario highlighted the strong end to the year, noting positive transactions at STK and improved sales at Benihana.
The company opened five new Company-owned restaurants and one managed STK in 2024. Plans for the future include opening five to six new Company-owned locations annually and focusing on asset-light development of managed and licensed STKs, Kona Grills, and franchised Benihanas.
Mr. Hilario and CFO Tyler Loy will present at the 27th Annual ICR Conference on January 13, 2025.
The ONE Group (Nasdaq: STKS) ha riportato i risultati di vendita preliminari per il quarto trimestre e per l'intero anno 2024. I ricavi totali GAAP per il quarto trimestre sono attesi intorno a $221,0 milioni, segnando un aumento del 145% rispetto ai $89,9 milioni dello stesso periodo dell'anno scorso. Tuttavia, si prevede che le vendite comparabili siano diminuite di circa il 4,3%.
Per l'intero anno 2024, i ricavi totali GAAP sono previsti intorno a $672,0 milioni, un aumento del 102% rispetto ai $332,8 milioni del 2023, mentre si prevede che le vendite comparabili siano scese di circa il 6,8%. Gli aumenti dei ricavi escludono i contributi dall'acquisizione di Benihana Inc., conclusasi a maggio 2024.
Il CEO Emanuel “Manny” Hilario ha sottolineato la forte conclusione dell'anno, notando transazioni positive presso STK e miglioramenti nelle vendite di Benihana.
La società ha aperto cinque nuovi ristoranti di proprietà e un STK gestito nel 2024. I piani futuri includono l'apertura annuale di cinque a sei nuove sedi di proprietà e il concentrarsi sullo sviluppo light asset di STK gestiti e in licenza, Kona Grills e Benihana in franchising.
Il sig. Hilario e il CFO Tyler Loy presenteranno alla 27ª Conferenza Annuale ICR il 13 gennaio 2025.
The ONE Group (Nasdaq: STKS) informó sobre los resultados de ventas preliminares para el cuarto trimestre y el año completo 2024. Se espera que los ingresos totales GAAP para el cuarto trimestre sean de alrededor de $221.0 millones, marcando un aumento del 145% en comparación con los $89.9 millones en el mismo periodo del año pasado. Sin embargo, se anticipa que las ventas comparables hayan disminuido aproximadamente un 4.3%.
Para el año completo 2024, se proyecta que los ingresos totales GAAP sean de aproximadamente $672.0 millones, un aumento del 102% en comparación con los $332.8 millones en 2023, mientras que las ventas comparables se espera que hayan caído alrededor del 6.8%. Los incrementos de ingresos excluyen las contribuciones de la adquisición de Benihana Inc., que se cerró en mayo de 2024.
El CEO Emanuel “Manny” Hilario destacó el fuerte cierre del año, señalando transacciones positivas en STK y una mejora en las ventas de Benihana.
La compañía abrió cinco nuevos restaurantes de propiedad y un STK administrado en 2024. Los planes para el futuro incluyen abrir de cinco a seis nuevas ubicaciones de propiedad anualmente y centrarse en el desarrollo ligero de activos de STKs gestionados y licenciados, Kona Grills y Benihanas franqueados.
El Sr. Hilario y el CFO Tyler Loy presentarán en la 27ª Conferencia Anual de ICR el 13 de enero de 2025.
The ONE Group (Nasdaq: STKS)는 2024년 4분기 및 전체 연도에 대한 예비 판매 결과를 보고했습니다. 4분기 총 GAAP 수익은 약 $221.0 백만에 이를 것으로 예상되며, 이는 지난해 같은 기간의 $89.9 백만에서 145% 증가한 것입니다. 그러나 비교 가능한 매출은 약 4.3% 감소할 것으로 보입니다.
2024년 전체 연도에 대해 총 GAAP 수익은 약 $672.0 백만으로 예상되며, 이는 2023년 $332.8 백만에 비해 102% 증가한 수치입니다. 반면, 비교 가능한 매출은 약 6.8% 하락할 것으로 보입니다. 수익 증가는 2024년 5월에 완료된 Benihana Inc. 인수의 기여를 제외한 것입니다.
CEO Emanuel “Manny” Hilario는 긍정적인 STK 거래와 Benihana의 매출 증가를 언급하며 올해의 강한 마무리를 강조했습니다.
회사는 2024년 동안 소유한 레스토랑 5개와 관리하는 STK 1개를 개장했습니다. 미래 계획에는 매년 5-6개의 회사 소유 신규 위치를 개장하고, 관리 및 라이센스 STK, Kona Grills, 프랜차이즈 Benihana의 자산 경량 개발에 집중하는 것이 포함됩니다.
Hilario 씨와 CFO Tyler Loy는 2025년 1월 13일 제27회 연례 ICR 회의에서 발표할 예정입니다.
The ONE Group (Nasdaq: STKS) a rapporté des résultats préliminaires de ventes pour le quatrième trimestre et pour l'année complète 2024. Les revenus totaux GAAP pour le quatrième trimestre devraient être d'environ $221,0 millions, marquant une augmentation de 145 % par rapport aux 89,9 millions de dollars de la même période l'an dernier. Cependant, les ventes comparables devraient avoir diminué d'environ 4,3 %.
Pour l'année complète 2024, les revenus totaux GAAP sont projetés à environ $672,0 millions, soit une augmentation de 102 % par rapport aux 332,8 millions de dollars de 2023, tandis que les ventes comparables devraient avoir chuté d'environ 6,8 %. Les augmentations de revenus excluent les contributions de l'acquisition de Benihana Inc., qui a été finalisée en mai 2024.
Le PDG Emanuel “Manny” Hilario a souligné la forte fin d'année, notant des transactions positives chez STK et une amélioration des ventes chez Benihana.
L'entreprise a ouvert cinq nouveaux restaurants en propriété et un STK géré en 2024. Les projets futurs incluent l'ouverture de cinq à six nouvelles implantations en propriété chaque année et l'accent mis sur le développement léger en actifs de STKs gérés et sous licence, Kona Grills et Benihanasa en franchise.
M. Hilario et le CFO Tyler Loy présenteront lors de la 27ème conférence annuelle ICR le 13 janvier 2025.
The ONE Group (Nasdaq: STKS) hat vorläufige Verkaufszahlen für das 4. Quartal und das gesamte Jahr 2024 berichtet. Die Gesamterlöse nach GAAP für das 4. Quartal werden voraussichtlich bei etwa $221,0 Millionen liegen, was einem Anstieg von 145 % gegenüber 89,9 Millionen Dollar im gleichen Zeitraum des Vorjahres entspricht. Die vergleichbaren Verkäufe werden jedoch voraussichtlich um etwa 4,3 % zurückgegangen sein.
Für das gesamte Jahr 2024 wird ein Gesamterlös nach GAAP von etwa $672,0 Millionen prognostiziert, was einem Anstieg von 102 % gegenüber 332,8 Millionen Dollar im Jahr 2023 entspricht, während die vergleichbaren Verkäufe voraussichtlich um rund 6,8 % gesunken sein werden. Die Einnahmensteigerungen schließen die Beiträge aus der Akquisition von Benihana Inc. aus, die im Mai 2024 abgeschlossen wurde.
CEO Emanuel “Manny” Hilario hob den starken Jahresabschluss hervor, indem er positive Transaktionen bei STK und verbesserte Verkaufszahlen bei Benihana anführte.
Das Unternehmen eröffnete 2024 fünf neue Firmenrestaurants und ein geleitetes STK. Die Zukunftspläne umfassen die jährliche Eröffnung von fünf bis sechs neuen Unternehmensstandorten und die Fokussierung auf eine ressourcenschonende Entwicklung von verwalteten und lizenzierten STKs, Kona Grills und franchisebetriebenen Benihanas.
Herr Hilario und CFO Tyler Loy werden am 13. Januar 2025 auf der 27. jährlichen ICR-Konferenz präsentieren.
- Total GAAP revenues for Q4 2024 expected to increase by 145% to $221.0 million.
- Total GAAP revenues for the full year 2024 projected to rise by 102% to $672.0 million.
- Positive transactions at STK and improved sales performance at Benihana.
- Five new Company-owned restaurants and one managed STK opened in 2024.
- Focus on opening five to six new Company-owned locations annually.
- Comparable sales for Q4 2024 expected to decrease by approximately 4.3%.
- Comparable sales for the full year 2024 projected to fall by around 6.8%.
Insights
The preliminary Q4 2024 results reveal a substantial 145% revenue growth to
The return to positive transactions at STK is encouraging, but the focus on balance sheet management and shift toward an asset-light model suggests a defensive strategy. The planned 5-6 company-owned openings annually, combined with managed/licensed expansion, indicates a more calculated growth approach, likely aimed at preserving capital and reducing operational risks. The strategic pivot toward free cash flow generation over aggressive expansion could help strengthen financial fundamentals but may limit near-term growth potential.
The integration of Benihana and RA Sushi represents a significant operational transformation, though the
The development strategy focusing on five concepts (STK, Kona Grill, Benihana, RA Sushi and Salt Water Social) across various service models demonstrates portfolio diversification but also increases operational complexity. The shift toward managed and licensed locations for STK and Kona Grill, along with franchised Benihanas, suggests a strategic evolution to reduce capital intensity while maintaining brand growth. This approach typically yields higher margins but requires robust franchise support systems and brand strength to succeed.
Revenues Expected to Increase
Participating at the 27th Annual ICR Conference Beginning with a Fireside Chat at 11:00 AM ET Today
Preliminary sales highlights for the fourth quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter revenues exclude any contribution from the acquisition of Benihana Inc., which closed in May 2024):
-
Total GAAP revenues are expected to be approximately
$221.0 million 145% increase from$89.9 million -
Comparable sales* are expected to have decreased approximately
4.3%
Preliminary sales highlights for the full year 2024 compared to the full year 2023 are as follows (the prior year revenues exclude any contribution from the acquisition of Benihana Inc., which closed in May 2024):
-
Total GAAP revenues are expected to be approximately
$672.0 million 102% increase from$332.8 million -
Comparable sales* are expected to have decreased approximately
6.8%
“We closed the year strong, delivering revenue toward the high end of our guided range. The fourth quarter also marked our best comparable sales quarter of the year with significant improvement sequentially. Notably, we returned to positive transactions at STK while the initiatives we’ve implemented at Benihana are beginning to take hold as evidenced by their improved sales performance. These trends, in our view, bode well for our Company as we begin the new year. We are also pleased with the progress we’ve made in integrating Benihana and RA Sushi while realizing cost savings,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
“We are laser focused on our balance sheet and are excited for our next phase of growth. We plan to open five to six Company-owned locations annually while focusing on the asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas. Our focus continues to be free cash flow generation, balance sheet flexibility and maximizing shareholder returns," Hilario concluded.
*Comparable sales, a non-GAAP financial measure, represent total
2024 Restaurant Development Update
For the full year 2024, we opened five new Company-owned restaurants, including a Salt Water Social, and one managed STK.
Owned STK restaurant in |
March 2024 |
Owned RA Sushi restaurant in |
July 2024 |
Owned Kona Grill restaurant in |
September 2024 |
Owned STK restaurant in |
October 2024 |
Owned Salt Water Social restaurant in |
November 2024 |
Managed STK in Niagara Falls |
November 2024 |
Conference Participation
Mr. Emanuel “Manny” Hilario, President and Chief Executive Officer, and Mr. Tyler Loy, Chief Financial Officer, will present at the 27th Annual ICR Conference at 11:00 am Eastern Time on January 13, 2025 and meet with institutional investors in-person on January 13-14, 2025.
The webcast of the presentation can be accessed from the Investor Relations tab of the Company’s website at www.togrp.com under “News / Events” or directly through the ICR Conference website at www.ICRConference.com.
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the
-
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the
U.S. ,Europe and theMiddle East , featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere. -
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company also franchises Benihanas in the
U.S. ,Caribbean ,Central America , andSouth America . -
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the
U.S. , featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. -
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the
U.S. anchored by creative sushi, inventive drinks, and outstanding service. -
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the
U.S. andEurope .
Additional information about The ONE Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to 2024 results, restaurant openings and performance trends. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1)factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (2) changes in applicable laws or regulations; (3) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors; and (4) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q.
Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
The following table presents the elements of the quarterly and annual Same Store Sales measure for 2024:
|
2024 vs. 2023 |
||||||
Q1 Actual |
Q2 Actual |
Q3 Actual |
Q4 Preliminary |
Full Year Preliminary |
|||
US STK Total Restaurants |
(6.8)% |
(10.6)% |
(11.1)% |
(6.9)% |
(8.7)% |
||
Benihana Owned Restaurants |
|
(1.0)% |
(4.2)% |
(0.2)% |
(1.8)% |
||
Grill Concepts Owned Restaurants |
(9.7)% |
(13.0)% |
(17.0)% |
(11.7)% |
(13.2)% |
||
Combined Same Store Sales |
(7.9)% |
(7.0)% |
(8.8)% |
(4.3)% |
(6.8)% |
||
Benihana comprises approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20250113425645/en/
Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Michelle.Michalski@icrinc.com
Media:
ICR
Seth Grugle
(646) 277-1272
seth.grugle@icrinc.com
Source: The ONE Group Hospitality, Inc.
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