Business
The ONE Group Reports Second Quarter 2021 Financial Results
The Company Reports All-Time Record for Quarterly Revenue Domestic Same Store Sales Increase 38.0% vs. 2019 for the Second Quarter and 59.5% vs. 2019 for the
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nThe Company Reports All-Time Record for Quarterly Revenue\n\nDomestic Same Store Sales Increase 38.0% vs. 2019 for the Second Quarter and 59.5% vs. 2019 for the month of July\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 second quarter ended June 30, 2021.\n\nFinancial highlights for the second quarter compared to the same period last year are as follows: \n\n\nTotal GAAP revenues increased 324.6% to $70.8 million from $16.7 million.\n\n\nGAAP net income attributable to The ONE Group was $13.8 million or $0.41 net income per share ($0.19 adjusted net income per share)****, compared to GAAP net loss of $2.9 million, or $0.10 net loss per share ($0.08 adjusted net loss per share)****. GAAP net income attributable to The ONE Group during the second quarter 2021 included $1.1 million of incremental costs related to COVID-19.\n\n\nAdjusted EBITDA** increased to $12.9 million, a quarterly record, from a loss of $0.8 million.\n\n\nSales highlights for the second quarter and July 2021 compared to the same periods in 2019 are as follows:\n\n\nConsolidated comparable sales* increased 38.0% for the quarter and 59.5% for the month of July.\n\n\nComparable sales* for STK increased 54.3% for the quarter and 92.8% for the month of July.\n\n\nComparable sales* for Kona Grill increased 23.0% for the quarter and 31.9% for the month of July.\n\n\n“We strengthened our leadership position in the high-end and polished casual segments by delivering another quarter of outstanding financial results for our shareholders. During the second quarter, we experienced a significant sales increase compared to both 2020 and 2019. Guests were eager to join us for VIBE dining experiences and drove our average weekly volumes in the quarter to $288,000 and $103,000 for STK and Kona Grill respectively. We leveraged our top-line momentum into record restaurant level operating profit and adjusted EBITDA. The combination of our strong underlying business fundamentals, level of execution and robust pipeline of development opportunities, including new Kona Grill locations, drive our continued confidence in our growth going forward,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.\n\nHilario continued, “We are pleased to have opened six exciti...