The ONE Group Q3 Revenue Soars to Record $194 million
By Daniella Parra
The ONE Group Hospitality, Inc. (Nasdaq: STKS) said total GAAP revenues increased 152.3% from a year earlier to $194 million in the third quarter.
The company said comparable sales decreased 8.8% and with an operating loss of $3 million vs. $2 million. It included $7.1 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi, it said.
“We are pleased with our progress in integrating Benihana and RA Sushi and have already implemented $19 million in annual savings between eliminating duplicate administrative costs and leveraging operational and supply chain synergies that will be realized over the next year,” said CEO Emanuel Hilario.” Over the next two years, we expect additional efficiencies, bringing our total savings to at least $20 million,”
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