share_log

Earnings Call Summary | GEN Restaurant Group(GENK.US) Q1 2024 Earnings Conference

Futu News ·  May 18 23:14  · Conference Call

The following is a summary of the GEN Restaurant Group, Inc. (GENK) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • GEN Restaurant Group reported a 16% YOY increase in total Q1 2024 revenue at $50.8 million, compared to $43.9 million in Q1 2023.

  • However, same-store sales saw a slight decrease of 1.8%.

  • Net income for Q1 was reported at $3.7 million or $0.11 per share, which was a drop from $4.5 million in Q1 2023.

Business Progress:

  • The company successfully opened two new restaurant locations in Q1 and bought out its 50% partner in Hawaii to consolidate operations and revenues.

  • A broader expansion plan is in place, comprising of developing 30 additional new restaurants by 2026.

  • They have launched a premium menu across all locations, expecting to increase the average customer check

  • Despite increased labor costs and permit challenges, the company focused on efficient decision-making and process improvements, rather than raising prices.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment