By Karen Roman
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said adjusted EBITDA increased 5% to $11.1 million compared to $10.6 million the year prior, with net cash from operating activities rising 50% to $8.8 million compared to $5.9 million.
Total GAAP revenues were $177.0 million compared to $180.2 million, down 1.8%, due to the Grill Concepts portfolio optimization strategy, partially offset by revenue from new restaurants, it stated.
GAAP operating income rose $11.1 million to $14.6 million from $3.5 million, while consolidated comparable sales decreased 0.4%, the company said.
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“We delivered positive transaction growth, while significantly improving operating income and expanding restaurant-level margins. These results reflect the effectiveness of our operational initiatives, the strength of our differentiated restaurant brands and the disciplined execution of our strategic priorities,” said Emanuel “Manny” Hilario, The ONE Group’s President and CEO.
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