GEN Restaurant Group Inc (NAS:GENK)

Q3 2024 GEN Restaurant Group Inc Earnings Call Transcript

Nov 12, 2024 / 10:00 PM GMT

Release Date Price: $10.22 (+4.82%)

Transcript 10-Q8-K

Key Points

Positve

GEN Restaurant Group Inc (GENK) reported a 7.8% increase in revenue for Q3 2024, reaching $49.1 million, driven by the success of newer restaurants.
The company opened three new restaurants, which are performing exceptionally well, with one potentially becoming the top revenue-generating location.
Cost of goods sold decreased by 50 basis points to 31.4% of total revenue, indicating improved cost management.
The company has a strong expansion pipeline with 17 additional locations lined up and plans to open 10 to 11 new restaurants in 2024.
GEN Restaurant Group Inc (GENK) launched a successful gift card program with Costco, which has been the best-selling gift card in the participating locations.

Negative

Same-store sales growth declined by 9.6% year over year, affected by inflationary pressures and temporary disruptions from hurricanes.
The company experienced cannibalization in Texas and Hawaii due to new restaurant openings, impacting existing locations.
General and administrative expenses increased to 9.1% of total revenue, reflecting investments in team and infrastructure.
The company faced increased operating expenses due to higher utility rates and costs related to new restaurant openings.
Net income for the quarter was only $0.2 million, a decrease from $2.6 million in the same quarter of the previous year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GENK.OQ - GEN Restaurant Group Inc
Q3 2024 GEN Restaurant Group Inc Earnings Call
Nov 12, 2024 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Gen Restaurant Group Inc third quarter, 2024 earnings call.

All participants will be in a listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on a touchtone phone to withdraw your question. Please press star. Then two.

Please note that this event is being recorded.

I would now like to turn the conference over to Tom Kroll. Please go ahead, sir.

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Unidentified_2 [2]
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