One Group Hospitality reports Q4 revenue $25M, comparable sales up 15%
One Group Hospitality last night announced preliminary sales for Q4 and 2018. Total GAAP revenue is expected to be approximately $25M, an approximate 16% increase from the same quarter last year. Domestic comparable sales at owned and managed STK restaurants rose 15.0% from the prior year period, consisting of a 14.9% increase in domestic owned restaurants and a 15.6% increase in domestic managed restaurants. Total GAAP revenue for 2018 is expected to be approximately $85M, an approximate 7% increase from 2017. Domestic comparable sales at owned and managed STK restaurants rose 9.4% for 2018, consisting of a 9.7% increase in domestic owned restaurants and an 8.8% increase in domestic managed restaurants, compared to 2017. CEO Manny Hilario stated, "Preliminary revenues and comparable sales growth for 2018 reflect our brand strength, high level of execution, focused marketing, and robust event business during the recent holiday season. We are pleased that the important new initiatives launched in 2018 such as the introduction of our national happy hour program and focus on promoting our holiday programs real time on social media have led to a healthy and sustainable improvement in our performance. Incorporating vibe dining into every aspect of our restaurant experience is what truly sets us apart and we are grateful to all of our worldwide team members for making the STK brand so highly differentiated."