ONE Group Hospitality (STKS) Announces Preliminary Fourth Quarter and Full Year 2021 Sales Results

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, 2021. The Company also announced its participation at the 24th Annual ICR Conference.

Preliminary sales highlights for the fourth quarter ended December 31, 2021 are as follows:

• Total GAAP revenues increased approximately 86.4% to approximately $83.9 million from $45.0 million compared to the same period in 2020;
• Consolidated comparable sales* increased 49.8% compared to the same period in 2019;
• Comparable sales* for STK increased 60.0% compared to the same period in 2019; and,
• Comparable sales* for Kona Grill increased 38.2% compared to the same period in 2019

(Consensus sees Q4 revenue of $76.8 million)

Preliminary sales highlights for the full year ended December 31, 2021 are as follows:

• Total GAAP revenues are expected to be approximately $277.0 million, an estimated 95.1% increase from $141.9 million for the full year 2020; and,
• U.S. STK brand restaurant sales rose approximately 154.6% to a record $195.1 million for the full year 2021.

*Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-months. This measure includes total revenue from our owned and managed locations. Two-year comparable sales relate to the comparison of comparable sales for the period of 10/1/2021 through 12/31/2021 to the period of 10/1/2019 through 12/31/2019. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions; the Company has presented two-year comparable sales to illustrate how sales at its restaurant base before the COVID-19 pandemic compare to sales as COVID-19 restrictions have eased and the Company has begun to recover lost sales.

“Achieving another record revenue quarter and all-time highs in annual revenues during this very challenging year is a remarkable accomplishment, and we are very proud with how we finished the year. We generated substantial comparable sales increases compared to both 2020 and 2019 as guests chose to celebrate their holidays experiencing our highly differentiated VIBE dining offerings. The strong comparable sales drove our average weekly volumes during the quarter to $338,000 and $108,000 for STK and Kona Grill respectively. Our continued performance strengthens our leadership position in the high-end and polished casual segments. In addition, we are building a robust pipeline for new development opportunities for both STK and Kona Grill. We are incredibly grateful to our team for making this all possible and look forward to an even better 2022,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

The Company anticipates general and administrative expenses including stock-based compensation for the full year 2021 to be between $25.0 and $26.0 million depending on the ultimate calculation of performance-based compensation.

24th Annual ICR Conference Participation

Mr. Emanuel “Manny” Hilario, President and Chief Executive Officer and Mr. Tyler Loy, Chief Financial Officer, will present at the 24th Annual ICR Virtual Conference at 3:00 pm Eastern Time on Tuesday, January 11, 2022.

The webcast of the presentation can be accessed from the Investor Relations tab of the Company’s website at www.togrp.com under “News / Events” or directly through the ICR Conference website at www.ICRConference.com.

You May Also Be Interested In

• Equifax (EFX) shares tumble on weak Q1 revenue, guidance miss
• Intuitive Surgiical (ISRG) beats earnings, revenue expectations in Q1
• Pros Holdings (PRO) Appoints Todd McNabb as Chief Revenue Officer