By Exec Edge Editorial Staff
The One Group Hospitality, Inc. (Nasdaq: STKS) reported an increase in revenue as it continued to expand its restaurant footprint in the U.S.
One Group, which owns the STK and Kona Grill brands, said revenue increased 5.0% to $88.3 million from $84.1 million in the quarter ended Dec. 31.
“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, and a virtual REEF Kitchen location. These successes are a testament to the efforts of our team members who deliver exceptional and unforgettable experiences to every guest, every time,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
For 2023, the company expects revenue of $360 million to $380 million and Ebitda of $50 to $54 million.