Welcome to our dedicated page for GEN Restaurant Group news (Ticker: GENK), a resource for investors and traders seeking the latest updates and insights on GEN Restaurant Group stock.
GEN Restaurant Group, Inc. (NASDAQ: GENK), owner of GEN Korean BBQ, regularly issues news updates that highlight its restaurant expansion, financial performance, and brand initiatives. The company describes GEN Korean BBQ as one of the largest Asian casual dining restaurant concepts in the United States, built around an extensive menu of Korean and Korean-American dishes and a grill-at-your-table experience where guests cook their own food on embedded grills.
News for GENK often covers new restaurant openings in U.S. markets such as Texas and California, as well as international expansion into South Korea, including both GEN Korean BBQ and KAN Sushi locations. These announcements provide insight into the company’s geographic growth, including additional sites in regions like San Diego and El Paso and multiple new locations in South Korea.
Investors and followers of GENK can also expect earnings-related news, including press releases and conference call announcements tied to quarterly results. The company furnishes these results via Form 8-K filings and hosts conference calls to discuss revenue, restaurant-level performance, development activity, and non-GAAP metrics such as adjusted EBITDA and restaurant-level adjusted EBITDA.
Another recurring theme in GEN’s news flow is the development of its Ready-to-Cook Meats consumer packaged goods line. Press releases describe the launch and rapid expansion of these Korean BBQ-inspired products into grocery chains such as Pavilions, Albertsons, Vons, and Safeway, with distribution growing from dozens to hundreds of stores. Together, these news items give readers a view into GEN’s restaurant growth, retail initiatives, and broader GEN ecosystem focused on Korean cuisine and culture.
GEN Restaurant Group announced its financial results for Q1 2024, reporting a 16% increase in revenue to $50.8 million compared to Q1 2023. The company achieved a net income of $3.7 million, or 7.3% of revenue, and adjusted EBITDA of $6.4 million, inclusive of $1.9 million in pre-opening expenses. The company opened two new locations in Seattle and Dallas and a third in Jacksonville in April. The total number of locations now fully owned by GEN is 40, following an acquisition in Hawaii. Despite increased revenues, comparable restaurant sales decreased by 1.8%, and total operating expenses rose by 327 basis points due to higher costs in goods, payroll, and other areas.
GEN Restaurant Group, Inc., the owner of GEN Korean BBQ, will hold a conference call on May 14, 2024, to discuss its financial results for the first quarter of 2024. Co-CEO David Kim and CFO Tom Croal will host the call, followed by a Q&A session.
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