By Thomas Green
The ONE Group Hospitality, Inc. (Nasdaq: STKS) today reported a strong fourth quarter and full year 2023 fueled by new restaurants and improved restaurant operating profit.
In the fourth quarter 2023 total GAAP revenues increased 1.8% to $89.9 million, and adjusted EBITDA increased 11.3% to $14.5 million compared to fourth quarter 2022.
With six company owned venues opened in 2023, total owned restaurant net revenues increased 1.5% to $85.2 million from $83.9 million in fourth quarter of 2022.
For full year 2023 total GAAP revenues increased 5.1% to $332.8 million from $316.6 million in 2022.
“During the fourth quarter, we increased restaurant operating profit by 40 basis points to 19.3% of Company-owned restaurant net revenues, reduced G&A by 80 basis points to 8.8% of revenue and grew adjusted EBITDA by 11.3%.” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
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