Business
The ONE Group Reports First Quarter 2021 Financial Results
Revenues Increase 24.0% vs. 2020 and Domestic Same Store Sales Increased 23.5% vs. 2020 and 3.3% vs. 2019 April Domestic Same Store Sales Increase 32.2% vs.
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nRevenues Increase 24.0% vs. 2020 and Domestic Same Store Sales Increased 23.5% vs. 2020 and 3.3% vs. 2019\n\nApril Domestic Same Store Sales Increase 32.2% vs. 2019\n\n DENVER--(BUSINESS WIRE)--\nThe ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the first quarter ended March 31, 2021.\n\nHighlights for the first quarter ended March 31, 2021 compared to the same period last year are as follows: \n\n\nTotal GAAP revenues increased 24.0% to $50.5 million from $40.7 million.\n\n\nGAAP net income attributable to The ONE Group was slightly positive, or $0.00 net income per share ($0.05 adjusted net income per share)****, compared to GAAP net loss of $4.6 million, or $0.16 net loss per share ($0.13 adjusted net loss per share)****. GAAP net income attributable to The ONE Group during the first quarter 2021 included $1.6 million of incremental costs related to COVID-19.\n\n\nAdjusted EBITDA** increased 312% to $6.5 million from $1.6 million.\n\n\nSales Highlights for the first quarter ended March 31, 2021 and April 2021 compared to the same period in 2019 are as follows:\n\n\nConsolidated comparable sales* increased 3.3% for the quarter and 32.2% for the month of April.\n\n\nComparable sales* for STK increased 1.9% for the quarter and 47.4% for the month of April.\n\n\nComparable sales* for Kona Grill increased 4.6% and 18.6% for the month of April.\n\n\n“The improvement in our comparable sales trend clearly demonstrates that as dining capacity increases and vaccinations are rolled out, guests are eager to join us for in-person VIBE dining experiences. Although there are still many restrictions still imposed on us by local mandates, we have already surpassed 2019 comparable sales in the first quarter, experienced an acceleration in April, and expect continued improvement as restrictions lift and our operational, marketing, and culinary initiatives continue to be effective. We sincerely thank our teammates for ensuring our operational readiness during this recovery period and for properly serving our guests while following strict health and safety protocols. Our team is also effectively managing costs by adhering to the cost-saving measures we implemented last year that are enabling us to deliver record restaurant-level margins. In doing so, we are maximizing our ...