By Daniella Parra
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said second quarter operating income increased 30 percent as its asset-light expansion approach continues to gain traction.
The company said it was on track to complete five Grill Concepts conversions by year-end, with the initial Scottsdale conversion achieving a 4x return on investment.
“Our focus remains on strategic portfolio optimization and capital-efficient growth,” Emanuel Hilario, President and CEO said. “In the first quarter, we generated $21.7 million in operating cash flow, reduced debt by $9.1 million, including eliminating our revolving facility balance entirely, and reduced capital expenditures by 23 percent year-over-year.”
The company said they plan to open five to seven new venues in 2025.
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