The ONE Group Hospitality, Inc. Reports Preliminary Fourth Quarter and Full Year 2024 Sales Results

On January 13, 2025, The ONE Group Hospitality, Inc. (NASDAQ:STKS) released its preliminary sales figures for the fourth quarter and full year ending December 31, 2024. The company reported total GAAP revenues are expected to reach around $221.0 million for the fourth quarter, marking an approximate 145% increase compared to $89.9 million in the same period the prior year. Comparable sales are anticipated to have dropped by approximately 4.3% during the same period.

For the full year 2024, The ONE Group anticipates total GAAP revenues to be approximately $672.0 million, showcasing an approximate 102% increase from $332.8 million in the previous year. Comparable sales for the full year are expected to have decreased by approximately 6.8%.

The company highlighted that the year concluded on a high note, achieving revenues at the upper end of the guided range. Additionally, the fourth quarter demonstrated the best comparable sales quarter for the company throughout the year, with significant sequential improvements. The CEO of The ONE Group, Emanuel “Manny” Hilario, expressed satisfaction with the positive transactional performance at STK and the initial favorable outcomes from the initiatives introduced at Benihana.

Furthermore, The ONE Group disclosed its intentions to concentrate on strengthening its balance sheet and advancing into the next phase of growth. The company plans to open five to six Company-owned locations annually, along with focusing on the asset-light development of managed and licensed STKs and Kona Grills, as well as franchised Benihanas. The primary objectives remain centered on generating free cash flow, ensuring balance sheet flexibility, and enhancing shareholder returns.

The ONE Group also provided an update on its 2024 restaurant development activities, including the opening of five new Company-owned restaurants and one managed STK location during the year. The full details on the financials and investor presentation can be accessed on the company’s website.

The Company is actively participating in the 27th Annual ICR Conference, with its executive team scheduled to present during the event and engage with institutional investors. The webcast of the presentation is available on the Investor Relations section of The ONE Group’s website.

The ONE Group Hospitality, Inc. is an international restaurant company focusing on upscale and polished casual, high-energy restaurants and lounges, along with providing hospitality management services for various high-end venues in the U.S. and internationally.

For additional information about The ONE Group, please visit www.togrp.com.

This press release may contain forward-looking statements, and readers are advised to refer to the company’s SEC filings for more information and caution regarding investment decisions.

The end of the 8-K filing for The ONE Group Hospitality, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ONE Group Hospitality’s 8K filing here.

ONE Group Hospitality Company Profile

The ONE Group Hospitality, Inc, a restaurant company, develops, owns, operates, manages, and licenses restaurants and lounges worldwide. It operates through STK, Kona Grill, and ONE Hospitality segments. The company also provides turn-key food and beverage services for hospitality venues, including hotels, casinos, and other locations.