Business
GEN Restaurant Group, Inc. Announces Fourth Quarter 2023 Financial Results
CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing
About this update from Gen Restaurant Group, Inc.
[{"type":"text","content":"CERRITOS, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the fourth quarter and year ended December 31, 2023. Highlights for the Fourth quarter ended December 31, 2023 were as follows: Revenue increased 10.4% to $45.1 million, compared to $40.8 million in the fourth quarter of 2022;Comparable restaurant sales decreased 1.7% as compared to the fourth quarter in 2022;Income from operations was $(0.9) million and (2.0)% of revenue;Restaurant-level adjusted EBITDA(1) was $7.2 million and 16.0% of revenue;Net Income (loss) was $(0.2) million and (0.4%) of revenue;Adjusted EBITDA(1) was $1.6 million and 3.6% of revenue inclusive of pre-opening expense of approximately $1.2 million. (1) Adjusted EBITDA and restaurant-level adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and restaurant-level adjusted EBITDA to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below. David Kim, Co-Chief Executive Officer of GEN Restaurant Group, Inc., stated, “We accomplished much during our first year as a public company, from achieving record revenues of $181 million during 2023, representing growth of over 10% year over year, and successfully opening six new restaurants, to completing the integration of two operating companies and the transition to Sysco as our distribution partner. Through the investments we made in our people during the fourth quarter, we now have a solid foundation to create great guest experiences and drive further growth for GEN Korean BBQ as we add new restaurants throughout the country. Coupled with the attractive new unit economics that are among the best in the industry, we look forward to capturing the immense opportunities ahead and enhancing long-term shareholder value.\" Fourth Quarter 2023 Financial Results Revenue was $45.1 million in the fourth quarter of 2023 compared to $40.8 million in the fourth quarter of 2022. Comparable restaurant sales decreased 1.7% in the fourth quarter of 2023 compared to the same period last year. Total restaurant operating expenses before pre-opening expenses as a percentage of ...