By Karen Roman
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said total revenue increased 106.8% in the second quarter to $172.5 million.
The company said it completed the acquisition of Benihana and RA Sushi in May, welcoming 6,500 new collaborators.
Restaurant operating profit margin grew 280 basis points to 17.7% from 14.9% for the same period of the year prior and adjusted EBITDA increased 180.6% to $23.9 million from $8.5 million, it said.
The company added that it plans to open eight to 11 venues in 2024 and reaffirmed its 2024 goals.
“We are pleased to be building lasting relationships with our guests through unforgettable VIBE dining experiences while generating industry leading AUVs,” said Emanuel Hilario, President and CEO. “Notably, the cost-saving initiatives we put in place last year coupled with our strong new restaurant performance drove restaurant level profit and restaurant level margin to increase at Kona Grill and stay relatively flat at STK, despite the challenging same store sales environment.”
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