Business
The ONE Group Announces Preliminary Fourth Quarter and Full Year 2019 Sales Results
STK Same Store Sales for Fourth Quarter Increase 9% Kona Grill Same Store Sales for Fourth Quarter Increase 4% Company to Present at 22nd Annual ICR
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nSTK Same Store Sales for Fourth Quarter Increase 9%\n\n\nKona Grill Same Store Sales for Fourth Quarter Increase 4%\n\n\nCompany to Present at 22nd Annual ICR Conference on January 14th\n\n DENVER--(BUSINESS WIRE)--\nThe ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced preliminary sales for the fourth quarter and full year ended December 31, 2019. The Company also announced its participation at the 22nd Annual ICR Conference next week.\n\n\nPreliminary sales highlights for the fourth quarter ended December 31, 2019 are as follows:\n\n\n\nTotal GAAP revenues are expected to be approximately $52 million, an approximate increase of 102% from $25.8 million for the same quarter last year;\n\n\nComparable sales* at owned and managed STK Restaurants rose 8.9% from the same quarter last year; and\n\n\nSales for Kona Grill were $24.0 million for the quarter, stronger than initially expected for the period. Comparable sales at Kona Grill restaurants rose 3.9% from the same quarter last year.\n\n\n\nPreliminary sales highlights for the full year ended December 31, 2019 are as follows:\n\n\n\nTotal GAAP revenues are expected to be approximately $120.5 million, an approximate 41% increase from $85.6 million for 2018. On November 7, 2019, the Company had reiterated previous guidance of total GAAP revenues between $118 million and $120 million;\n\n\nComparable sales* at owned and managed STK restaurants rose 8.3%, compared to 2018. On November 7, 2019 the Company had guided to domestic comparable store sales growth of about 6% to 8%; these results exceeded the high end of the comparable sales range guidance because of the strength of the holiday and events business; and\n\n\nU.S. STK brand restaurant sales rose approximately 15% to a record $115 million.\n\n\n\nComparable sales or same store sales (“SSS”) represents total U.S. food and beverage sales at owned and managed units opened for at least a full 18-month period. This metric includes total revenue from our owned and managed locations. Revenues from locations where we do not directly control the event sales force (The W Hotel Westwood, CA) are excluded from this metric. \n\n\nEmanuel “Manny” Hilario, President and CEO of The ONE Group, stated, “We are thrilled to have finished 2019 from a position of strength as we lapped an incredibly robus...