By Karen Roman
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said first quarter revenue rose 3% to $85 million from $82.6 million a year earlier.
The company had a restaurant operating profit increase of 2% to $13.2 million from $12.9 million, it said.
“We grew our top-line, held restaurant-level margins stable, improved G&A as a percentage of revenue, and delivered adjusted EBITDA nearly even with the prior year despite the choppy consumer environment,” said Emanuel Hilario, President and CEO of The ONE Group. “Our priorities remain driving sales through initiatives such as our elevated food program, while maintaining disciplined control over restaurant-level operating costs and general and administrative expenses.”
The company said the acquisition of Safflower Holdings Corp., the parent company of Benihana and RA Sushi, will add over $500 million in annualized revenue.
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