STK Same Store Sales for Fourth Quarter Increase 9%
Kona Grill Same Store Sales for Fourth Quarter Increase 4%
Company to Present at 22nd Annual ICR Conference on January 14th
DENVER--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (NASDAQ:STKS) today announced preliminary sales for the fourth quarter and full year ended December 31, 2019. The Company also announced its participation at the 22nd Annual ICR Conference next week.
Preliminary sales highlights for the fourth quarter ended December 31, 2019 are as follows:
- Total GAAP revenues are expected to be approximately $52 million, an approximate increase of 102% from $25.8 million for the same quarter last year;
- Comparable sales* at owned and managed STK Restaurants rose 8.9% from the same quarter last year; and
- Sales for Kona Grill were $24.0 million for the quarter, stronger than initially expected for the period. Comparable sales at Kona Grill restaurants rose 3.9% from the same quarter last year.
Preliminary sales highlights for the full year ended December 31, 2019 are as follows:
- Total GAAP revenues are expected to be approximately $120.5 million, an approximate 41% increase from $85.6 million for 2018. On November 7, 2019, the Company had reiterated previous guidance of total GAAP revenues between $118 million and $120 million;
- Comparable sales* at owned and managed STK restaurants rose 8.3%, compared to 2018. On November 7, 2019 the Company had guided to domestic comparable store sales growth of about 6% to 8%; these results exceeded the high end of the comparable sales range guidance because of the strength of the holiday and events business; and
- U.S. STK brand restaurant sales rose approximately 15% to a record $115 million.