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.
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