The ONE Group Announces Preliminary Fourth Quarter Sales
January 08 2018 - 8:00AM
Business Wire
The ONE Group Hospitality, Inc. (“The ONE Group”) (NASDAQ: STKS)
today announced preliminary unaudited sales for the fourth quarter
of 2017, which ended December 31, 2017.
Preliminary sales highlights for the quarter ended December
31, 2017 are as follows:
- Total revenues are expected to
be approximately $21.0 million, compared to $20.4 million, an
approximate 3.0% increase, for the same quarter last year.
- Comparable sales* are expected
to have increased approximately 9.5% compared to the same quarter
last year, including an approximate 6.0% increase in US comparable
store sales and an approximate 15.5% increase in international
comparable store sales.
*Comparable sales or same store sales ("SSS"), represents total
food and beverage sales at owned and managed units opened for a
full 18-month period. This metric includes total revenue from our
US owned and managed STK locations as well as the revenue reported
to us with respect to comparable sales at our international managed
locations (measured in constant currency), and excludes revenues
where we do not directly control the event sales force (Royalton,
NY and Westwood, CA).
Manny Hilario, President and CEO of The ONE
Group stated, "We are pleased with our preliminary sales
results for 2017 as we continue to make progress on
the four-point strategy we launched at
the beginning of the year. This is
evident by the notable improvement in profits for
the first three quarters as well as our increased
comparable store sales, the improvement in our event
business, and stronger gift card sales. We will
continue this focus into 2018 while we implement other
important initiatives to further increase sales and continue the
improvement in our performance.”
Mr. Hilario continued, “We continue to see strong interest
in STK and in our hospitality program globally, and our worldwide
development pipeline for 2018 remains strong as we
continue to focus on our asset-light business strategy.”
Preliminary results remain subject to the completion of normal
quarter-end accounting procedures and adjustments and are subject
to change. The Company currently expects to release financial and
operating results for its fourth quarter and fiscal year ended
December 31, 2017 in March 2018.
About The ONE Group
The ONE Group (NASDAQ:STKS) is a global hospitality company that
develops and operates upscale, high-energy restaurants and lounges
and provides hospitality management services for hotels, casinos
and other high-end venues both nationally and internationally. The
ONE Group’s primary restaurant brand is STK, a modern twist on the
American steakhouse concept with locations in major metropolitan
cities throughout the U.S., Canada, Europe and the Middle East. ONE
Hospitality, The ONE Group’s food and beverage hospitality services
business, provides the development, management and operations for
premier restaurants and turn-key food and beverage services within
high-end hotels and casinos. Additional information about The ONE
Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. For example, the
statements related to the exploration of strategic alternatives and
the potential results therefrom and the statements related to our
strategic review of our operations targeting sources for 2017 and
beyond are forward-looking. Forward-looking statements may be
identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. A number
of factors could cause actual results or outcomes to differ
materially from those indicated by such forward-looking statements,
including but not limited to, (1) our ability to open new
restaurants and food and beverage locations in current and
additional markets, grow and manage growth profitably, maintain
relationships with suppliers and obtain adequate supply of products
and retain our key employees; (2) factors beyond our control that
affect the number and timing of new restaurant openings, including
weather conditions and factors under the control of landlords,
contractors and regulatory and/or licensing authorities; (3) in the
case of our strategic review of operations, our ability to
successfully improve performance and cost, realize the benefits of
our marketing efforts, and achieve improved results as we focus on
developing new management and license deals; (4) changes in
applicable laws or regulations; (5) the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; and (6) other risks and uncertainties
indicated from time to time in our filings with the SEC, including
our Annual Report on Form 10-K filed on April 5, 2017.
Investors are referred to the most recent reports filed with the
SEC by The ONE Group Hospitality, Inc. Investors are cautioned not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made, and we undertake no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108005603/en/
Investors:ICRMichelle Michalski, 646-277-1224
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