Business
GEN Restaurant Group, Inc. Announces Third Quarter 2023 Financial Results
CERRITOS, Calif., Nov. 14, 2023 (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., Nov. 14, 2023 (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 third quarter ended September 30, 2023. Highlights for the Third quarter ended September 30, 2023 were as follows: Revenue increased 7.4% to $45.6 million, compared to $42.4 million in the third quarter of 2022;Comparable restaurant sales decreased 1.2% as compared to fiscal 2022;Income from operations was $2.5 million and 5.4% of revenue;Restaurant-level adjusted EBITDA(1) was $8.4 million and 18.4% of revenue;Net Income was $2.6 million and 5.8% of revenue;Adjusted EBITDA(1) was $5.0 million and 11.0% of revenue inclusive of pre-opening expense of approximately $0.4 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 are pleased with the performance of our four new restaurants in Chandler, Manhattan, Miracle Mile and Webster. These restaurants are collectively generating annualized average unit volumes of approximately $5 million and currently on track for an average payback period of approximately 2.1 years, in-line with our expectations. As we look ahead, we already have 12 leases signed or in final signing stages for new unit and an additional 8 locations in the LOI stage of negotiation for a total of 20 future locations. With leases for the majority of our 2024 locations signed or in final stages of negotiation, we are now in the process of securing our 2025 and 2026 locations, and we remain confident in the long-term trajectory of our unique brand.” Third Quarter 2023 Financial Results Revenue was $45.6 million in the third quarter of 2023 compared to $42.4 million in the third quarter of 2022. Comparable restaurant sales decreased 1.2% in the third quarter of 2023 compared to the same period last year. Total restaurant operating expenses as a percentage of revenue increased by 260 basis points to 86.2% in the third quarter of 2023 f...