By Exec Edge Editorial Staff
The One Group Hospitality, Inc. (Nasdaq: STKS) posted an 11% rise in first-quarter revenue, thanks to new openings and higher same-store sales.
“We are pleased with our first quarter results which include double-digit top-line growth, positive comparable sales, and growth in adjusted EBITDA. We are particularly happy with STK restaurant level margins in excess of 22% for the quarter. Importantly, we are still on track with our robust development pipeline, and we remain confident in our full year 2023 targets and are reiterating them today,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
The company reiterated 2023 guidance for revenue of $360 million to $380 million and Ebitda of $50 to $54 million.