The ONE Group Second Quarter Sales Surge on Kona Grill, STK Strength
By Daniella Parra
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said consolidated comparable sales increased 46.5% in the second quarter compared to 2019.
The brand recently opened a new Kona Grill in Riverton, Utah and Columbus, as well as STK San Francisco and Dallas.
Revenue increased 2.8% to $83.4 million from $81.1 million and total owned restaurant net revenues increased $3.0 million, or 3.9%, it said. Adjusted EBITDA was $8.5 million compared to $10.4 million, the company said in a statement, while net income was $0.6 million, or $0.02 per share ($0.06 adjusted net income per share), it said.
“We faced meaningful comparisons to last year as comparable sales in 2022 increased 12.8% on a consolidated basis and 19.8% at STK,” CEO Emanuel Hilario said. “We are encouraged by the momentum of the business as we saw sequential improvement in same store sales as we moved through the quarter, and we are pleased that we continue to significantly outperform our 2019 comparable sales.”
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