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The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company known for its Vibe Dining concepts, including STK, Benihana, Kona Grill, RA Sushi, Salt Water Social, Samurai and the ONE Hospitality food and beverage services business. This news page aggregates company-issued updates and other coverage related to STKS, giving readers a single place to review developments affecting its restaurant brands and hospitality operations.
News about The ONE Group often centers on quarterly and annual financial results, preliminary sales updates, and commentary from management on trends in comparable sales and brand performance. Releases have detailed revenue trends across STK, Benihana and Grill Concepts, portfolio optimization decisions such as closures and conversions of certain Grill units, and the impact of acquisitions like Benihana on reported results.
Readers can also expect coverage of restaurant development activity, including new STK and Benihana openings, relocations of existing units, and the rollout of Benihana Express as a small-footprint, fast casual concept. The company regularly announces asset-light development agreements, such as multi-restaurant deals for Benihana and Benihana Express in the Greater San Francisco Bay Area, and partnerships that place its brands in professional sports and entertainment stadiums.
Additional news themes include executive appointments, such as changes in the chief financial officer role, participation in investor conferences, and brand extensions like Benihana-branded retail snack products. Investors and followers of STKS can use this page to monitor how The ONE Group communicates its strategy around Vibe Dining, asset-light expansion, portfolio optimization and financial performance over time.
The ONE Group Hospitality (Nasdaq: STKS) has opened its 30th STK Steakhouse location at Niagara Falls, Canada. Located at 6700 Fallsview Blvd. within the Embassy Suites Hotel, the new restaurant offers views of Niagara Falls, VIBE dining experience, classic steakhouse dishes, signature cocktails, and live DJ entertainment. The location operates Sunday through Thursday from 11:30 a.m. to 11 p.m., and Friday & Saturday from 11:30 a.m. to 12 a.m. The new establishment, developed in partnership with Fallsview Group, features an award-winning wine list and provides takeout and delivery services.
The ONE Group Hospitality (Nasdaq: STKS) has announced its participation in the Stephens Investment Conference (NASH2024) in Nashville, Tennessee. The Company will conduct a fireside chat on Wednesday, November 20, 2024, at 1:00 pm Central Time.
Interested parties can access the webcast through the Investor Relations section of The ONE Group's website (www.togrp.com) under the 'News / Events' tab.
The ONE Group reported its Q3 2024 financial results, highlighting a 152% increase in revenue to $194 million compared to the same quarter in 2023. This growth is attributed to the acquisition of Benihana and RA Sushi, effective cost management, and new restaurant openings.
However, comparable sales decreased by 8.8%, and the company recorded an operating loss of $3 million, including $7.1 million in acquisition-related expenses. Despite this, restaurant operating profit rose by 175.6% to $25.1 million, and the operating profit margin improved to 13.2%.
The company implemented $19 million in annual savings, with a total of $20 million expected over two years. Looking ahead, The ONE Group plans to open 5-6 company-owned locations annually while focusing on asset-light development. Liquidity remains strong with over $70 million available. The company also updated its 2024 targets, projecting total revenues of $660-$680 million and adjusted EBITDA of $71-$76 million.
The ONE Group Hospitality (Nasdaq: STKS) announced it will host a conference call and webcast to discuss third quarter 2024 financial results on November 7, 2024, at 4:30 PM ET. President and CEO Emanuel 'Manny' Hilario and CFO Tyler Loy will lead the discussion. The financial results will be released after market close on the same day. The conference call will be accessible by dialing 412-542-4186, with a replay available until November 21, 2024, at 412-317-6671 using passcode 10192106. The webcast can be accessed through the company's website.
STK Steakhouse (Nasdaq: STKS) has opened its newest location in Aventura, Florida, marking its third restaurant in the state and 29th globally. Located at 19505 Biscayne Blvd., the company-owned venue joins existing Florida locations including STK South Beach. The restaurant features Vibe Dining with elevated culinary offerings, cocktails, and live DJ music. STK Aventura offers brunch, lunch, dinner, and weekday happy hour menus, featuring signature items like Lil BRG Sliders and Wagyu Meatballs. Operating hours span from 11:00am-12:00am on weekdays, with extended weekend hours and takeout services available.
The ONE Group Hospitality, Inc. (Nasdaq: STKS) has opened its first Kona Grill location in Oregon, situated in Tigard at Bridgeport Village. This expansion marks the company's entry into the Pacific Northwest region. The new restaurant features:
- An enhanced Vibe Dining experience
- Chic design elements
- Elevated menu offerings
- $3, $6, $9 happy hour specials
- Freshly prepared dishes from the grill
- Award-winning sushi
Operating hours vary, with the restaurant open from 11:00am to 1:00am on weekends and 11:00am to 12:00am on weekdays. The location offers lunch, dinner, brunch, and happy hour services, as well as take-out and delivery options.
The ONE Group Hospitality (Nasdaq: STKS) has announced its participation in four investor conferences in September 2024:
- Piper Sandler's Growth Frontiers Conference in Nashville, TN on September 10
- Lake Street's Big Ideas Conference in New York, NY on September 12
- CL King's Virtual Best Ideas Conference on September 16
- Deutsche Bank's Annual Leveraged Finance Conference in Scottsdale, AZ on September 25
At the Deutsche Bank conference, the Company will host a fireside chat at 10:40 am Mountain Time, which will be accessible via webcast on The ONE Group's website. Institutional investors interested in meeting with management can contact their sales representatives at the respective firms to arrange meetings.
The ONE Group Hospitality (Nasdaq: STKS) reported Q2 2024 financial results, highlighting the acquisition of Benihana and RA Sushi in May. Total GAAP revenues increased 106.8% to $172.5 million. However, comparable sales decreased 7.0%. The company reported a GAAP net loss of $11.5 million, or $0.36 per share. Restaurant Operating Profit increased 151.3% to $30.0 million, with margin improving 280 basis points to 17.7%. Adjusted EBITDA rose 180.6% to $23.9 million. The company reaffirmed its 2024 guidance, projecting total GAAP revenues of $700-$740 million and Consolidated Adjusted EBITDA of $95-$100 million. The ONE Group plans to open 8-11 new venues in 2024 across its various brands.
The ONE Group Hospitality, Inc. (Nasdaq: STKS) has announced its upcoming second quarter 2024 earnings conference call and webcast, scheduled for August 6, 2024, at 4:30 PM ET. The company's President and CEO, Emanuel "Manny" Hilario, along with CFO Tyler Loy, will host the event. A press release containing the Q2 2024 financial results will be issued after market close on the same day.
Interested parties can access the conference call live by dialing 412-542-4186. A replay will be available until August 20, 2024, by dialing 412-317-6671 with passcode 10190088. Additionally, the webcast can be accessed from the Investor Relations tab of The ONE Group's website at www.togrp.com under "News / Events".
The ONE Group Hospitality, Inc. (Nasdaq: STKS) has opened a new RA Sushi location in Plantation, Florida, marking the brand's 20th outlet. This second RA Sushi in the Fort Lauderdale market offers a modern twist on traditional Japanese cuisine, featuring innovative sushi rolls, sashimi, and creative shareables. The restaurant boasts an extensive menu, including signature dishes like the Viva Las Vegas Roll and specialty cocktails such as the Shiso Naughty Martini.
The new location introduces the brand's first-ever open kitchen and offers a contemporary dining environment. RA Sushi Plantation provides daily happy hour specials and is open from 11 a.m. to 12 a.m. Sunday through Thursday, and until 1 a.m. on Fridays and Saturdays. Customers can also enjoy delivery services through various platforms and join 'The Hook Up' email program for exclusive offers and updates.