Strong Top Line Growth
The company achieved a 20% increase in top line growth, driven by the successful integration of the Benihana acquisition and strategic initiatives.
Adjusted EBITDA
Adjusted EBITDA was $23.4 million, indicating strong profitability and efficiency in operations.
Positive Same-Store Sales
Benihana and STK reported positive same-store sales, the second and third consecutive quarters for each metric, respectively.
Development Strategy and Expansion
The company opened three new company-owned restaurants and a second franchise Benihana Express location, with plans for 5-7 new venues in 2025.
San Mateo Benihana Success
The new Benihana in San Mateo, California, is the highest performing in the company's history, indicating strong market acceptance of the new prototype.
Franchise Momentum
Franchising is gaining momentum, with expectations for franchise, licensed, and managed locations to represent over 60% of the total footprint.
Balance Sheet Flexibility
The company maintains approximately $50 million in liquidity, providing operational flexibility for future investments.
Successful Integration of Benihana
The integration of Benihana is progressing ahead of schedule, with significant operational synergies already realized.