| Schedule of segment information |
Certain financial information relating to the three periods ended March 30, 2025 and the three months ended March 31, 2024 for each segment is provided below (in thousands).
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STK |
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Benihana |
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Grill Concepts |
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Other(1) |
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Total |
For the three periods ended March 30, 2025 |
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Owned restaurant net revenues |
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$ |
54,866 |
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$ |
115,341 |
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$ |
37,086 |
|
$ |
105 |
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$ |
207,398 |
Owned restaurant cost of sales |
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(13,109) |
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|
(22,096) |
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(7,912) |
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(3) |
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(43,120) |
Owned restaurant operating expenses |
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(31,621) |
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(70,359) |
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|
(26,749) |
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|
(46) |
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|
(128,775) |
Restaurant operating profit |
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|
10,136 |
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|
22,886 |
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|
2,425 |
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|
56 |
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|
35,503 |
Management, license, franchise and incentive fee revenue |
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3,193 |
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|
469 |
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|
— |
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|
69 |
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|
3,731 |
General and administrative expenses |
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(11,459) |
Stock based compensation |
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(1,632) |
Depreciation and amortization |
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(9,829) |
Transition and integration expenses |
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(3,719) |
Pre-opening expenses |
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(1,681) |
Transaction and exit costs |
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(69) |
Lease termination expenses |
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(71) |
Other expenses |
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(45) |
Interest expense, net of interest income |
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(9,822) |
Loss before benefit for income taxes |
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|
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|
907 |
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Reconciliation of total revenues |
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Owned restaurant net revenues |
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|
207,398 |
Management, license, franchise, and incentive fee revenue |
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|
3,731 |
Total revenues |
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$ |
211,129 |
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STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the three months ended March 31, 2024 |
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Owned restaurant net revenues |
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$ |
51,356 |
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$ |
— |
|
$ |
30,149 |
|
$ |
3 |
|
$ |
81,508 |
Owned restaurant cost of sales |
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|
(12,353) |
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|
— |
|
|
(6,355) |
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|
(6) |
|
|
(18,714) |
Owned restaurant operating expenses |
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(27,896) |
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|
— |
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|
(21,733) |
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|
(9) |
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(49,638) |
Restaurant operating profit |
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|
11,107 |
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— |
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|
2,061 |
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(12) |
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|
13,156 |
Management, license, franchise and incentive fee revenue |
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|
3,396 |
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— |
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— |
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|
91 |
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|
3,487 |
General and administrative expenses |
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(6,176) |
Stock based compensation |
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(1,358) |
Depreciation and amortization |
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(5,260) |
Pre-opening expenses |
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(2,914) |
Transaction and exit costs |
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(1,523) |
Other expenses |
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(32) |
Interest expense, net of interest income |
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(2,078) |
Income before benefit for income taxes |
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(2,698) |
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|
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Reconciliation of total revenues |
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Owned restaurant net revenues |
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|
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|
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|
81,508 |
Management, license, franchise, and incentive fee revenue |
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|
3,487 |
Total revenues |
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$ |
84,995 |
| (1) |
Other includes sales and expenses that relate to STK Meat Market, an e-commerce platform that offers signature steak cuts nationwide, the Company’s major off-site events group, which supports all brands and venue concepts, and revenue generated from gift card programs.
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