Business
The ONE Group Reports Third Quarter 2021 Financial Results
The Company Reports All-Time Record for Quarterly Revenues Consolidated Comparable Sales Compared to 2019 Increased 44.7% for the Third Quarter and 59.2% for
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nThe Company Reports All-Time Record for Quarterly Revenues\n\nConsolidated Comparable Sales Compared to 2019 Increased 44.7% for the Third Quarter and 59.2% for the Month of October\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 third quarter ended September 30, 2021.\n\nFinancial highlights for the third quarter compared to the same period last year are as follows:\n\n\nTotal GAAP revenues increased 81.6% to $71.9 million from $39.6 million, a quarterly record.\n\n\nGAAP net income attributable to The ONE Group was $11.7 million, or $0.34 net income per share ($0.11 adjusted net income per share)****, compared to GAAP net loss of $0.9 million, or $0.03 net loss per share ($0.01 adjusted net income per share)****.\n\n\nAdjusted EBITDA** increased to $10.0 million from $4.7 million.\n\n\nSales highlights for the third quarter and October 2021 compared to the same periods in 2019 are as follows:\n\n\nConsolidated comparable sales* increased 44.7% for the quarter and 59.2% for the month of October.\n\n\nComparable sales* for STK increased 63.8% for the quarter and 73.7% for the month of October.\n\n\nComparable sales* for Kona Grill increased 26.9% for the quarter and 42.9% for the month of October.\n\n\n“Achieving all-time high revenues for the second consecutive quarter during a pandemic is an incredible accomplishment and we could not be more pleased with our results. We generated significant comparable sales increases compared to both 2020 and 2019 as our guests demonstrated their eagerness for differentiated VIBE dining experiences. The strong comparable sales drove our average weekly volumes during the quarter to $285,000 and $99,000 for STK and Kona Grill respectively. In addition, this quarter, we broke the $100 million mark in total food and beverage sales at owned and managed locations, a Company first, and leveraged that top-line revenue into strong adjusted EBITDA despite ongoing commodity cost and labor staffing headwinds. This quarter, we prioritized our restaurant staffing levels in anticipation of a busy fourth quarter, and I’m proud to announce that our restaurants, at this time, are fully staffed. Our performance has certainly strengthened our leadership position in the high-end and polished casual segm...