Business
The ONE Group Reports Fourth Quarter and Full Year 2022 Financial Results
Achieved a 14.2% Increase in Annual Revenues to a Record $316.6 Million Introduces 2023 Targets; Eight to Twelve New Venues Planned DENVER--(BUSINESS WIRE)--
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nAchieved a 14.2% Increase in Annual Revenues to a Record $316.6 Million\n\nIntroduces 2023 Targets; Eight to Twelve New Venues Planned\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 fourth quarter and full year ended December 31, 2022.\n\nHighlights for the fourth quarter compared to the same period in 2021 are as follows:\n\n\nTotal GAAP revenues increased 5.0% to $88.3 million from $84.1 million;\n\n\nComparable sales* decreased 3.1% compared to 2021 and increased 46.2% compared to 2019;\n\n\nGAAP net income attributable to The ONE Group was $5.1 million, or $0.15 per share ($0.19 adjusted net income per share) ****, compared to GAAP net income of $5.8 million, or $0.17 per share ($0.24 adjusted net income per share)****\n\n\nRestaurant Operating Profit*** decreased 2.2% to $15.9 million from $16.2 million; and\n\n\nAdjusted EBITDA** decreased 2.0% to $13.0 million from $13.3 million.\n\n\nHighlights for the full year 2022 compared to 2021 are as follows:\n\n\nTotal GAAP revenues increased 14.2% to $316.6 million from $277.2 million;\n\n\nComparable sales* increased 10.8% compared to 2021 and increased 47.7% compared to 2019;\n\n\nGAAP net income attributable to The ONE Group was $13.5 million, or $0.40 per share ($0.55 adjusted net income per share) ****, compared to GAAP net income of $31.3 million, or $0.93 per share ($0.59 adjusted net income per share)****\n\n\nRestaurant Operating Profit*** decreased 3.1% to $50.8 million from $52.4 million; and\n\n\nAdjusted EBITDA** decreased 3.4% to $41.3 million from $42.7 million.\n\n\n“2022 marked a year of robust top-line growth for The ONE Group. We delivered a 14.2% increase in total revenue, which included a 10.8% increase in comparable sales compared to 2021 and a 47.7% increase compared to 2019. In addition to strong comparable sales growth, we established an incredible pipeline of new STK and Kona Grill locations, including company-owned and asset light development. In 2022, we opened two company-owned locations, STK San Francisco and STK Dallas which are averaging approximately $350,000 in sales per week since opening, considerably higher than our investment model. On the asset light side of the business, we opened one managed STK, our third in London England, an...