Business
GEN Restaurant Group, Inc. Announces Second Quarter 2023 Financial Results
CERRITOS, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a
About this update from Gen Restaurant Group, Inc.
[{"type":"text","content":"CERRITOS, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing cook-it-yourself casual dining concept, today announced financial results for the second quarter ended June 30, 2023. Highlights for the Second quarter ended June 30, 2023 were as follows: Revenue increased 10.1% to $46.5 million, compared to $42.2 million in the second quarter of 2022;Comparable restaurant sales increased 1.4% as compared to fiscal 2022;Three new restaurant openings including the first GEN restaurant in Florida;Income from operations was $3.4 million and 7.3% of revenue;Restaurant-level adjusted EBITDA(1) was $9.5 million and 20.4% of revenue;Net Income was $4.5 million and 9.6% of revenue;Adjusted EBITDA(1) was $6.1 million and 13.2% of revenue inclusive of pre-opening expense of approximately $0.9 million;On June 30, 2023, the Company completed the initial public offering of its Class A common stock (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’re pleased with the solid top line performance during the second quarter, driven by 1.4% comparable restaurant sales growth as well as three new restaurant openings that are performing to our initial expectations. We have also continued to showcase the portability of our concept with our entrance into both Florida and New York this year. As we look ahead, we believe our IPO has given us the financial flexibility and capital structure to execute our growth strategy in 2023 and beyond.” Kim continued, “We are confident in our long-term trajectory. We have a detailed plan for the next 5 years as we develop new restaurants across the US. Our team at GEN Korean BBQ has already demonstrated our ability to succeed through many different economic environments and regions in the United States. We are thrilled to embark on this new chapter as a public company and share our story and unique dining experience.” Initial Public Offering On June 30, 2023, the Comp...