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New words:
accelerate, accelerated, accomplished, AG, allocated, anniversary, Appointment, April, arrangement, beneficially, Benihana, BH, Branch, capacity, capture, Caribbean, Compensatory, compounding, conducting, connection, consent, covenant, covered, DC, decided, dedicate, deemed, deleverage, deliver, Departure, Deutsche, disaggregation, discount, disruption, diversify, diversion, dividend, drawn, Emanuel, exclusive, exempt, expiration, exposure, failure, February, feet, filing, fixed, flexibility, foot, foreseeable, forma, fully, functional, goodwill, guidance, harm, health, HG, Hilario, HPC, HPS, impracticable, integrate, integrated, integration, Kaizen, Latin, Lending, liability, LLC, Loy, LP, mandatorily, mandatory, Mexico, mezzanine, notice, option, optional, original, past, patio, placement, preopening, President, pro, pursue, quickly, RA, recognition, redemption, refinance, Refinancing, registration, repayment, residual, Rule, Safflower, satisfy, senior, square, SSOF, Subsidiary, tangible, timeframe, Tyler, UK, unknown, valuation, Vora, vulnerability, warrant, Water, Westwood, written
Removed:
ahead, amortize, amortized, ANGEL, announced, anticipate, Arizona, assistance, Boston, broader, Carolina, Charlotte, Collection, comply, consideration, Curio, depending, Detail, distribution, earned, estimate, evenly, Francisco, generate, governing, Hilton, Lake, life, method, methodology, nominal, noted, Ohio, outlined, Phoenix, Riverton, RSU, settled, specialist, standard, succeeding, successor, supportable, Utah, utilizing, vest, volatility
Financial report summary
?Management Discussion
- Total revenue increased $16.1 million, or 5.1% to $332.8 million for 2023 compared to $316.6 million for 2022. The increase was primarily attributable to the opening of three STK restaurants and three Kona Grill restaurants during 2023. Same store sales decreased 2.7% in 2023 compared to 2022. STK same store sales decreased 3.0% while Kona Grill same store sales decreased 2.2%. Compared to pre COVID-19 pandemic sales volumes, same-store sales increased 43.8% for 2023 compared to 2019; STK same store sales increased 64.1% which includes a 39.1% increase in traffic, while Kona Grill same store sales increased 23.6%.
- Restaurant operating profit decreased $0.4 million, or 0.8% to $50.4 million for 2023 compared to $50.8 million in 2022. Restaurant operating profit as a percentage of owned restaurant net revenue was 15.9% in 2023 compared to 16.9% in 2022. Inflation outpaced our price increases during the year putting pressure on our restaurant operating profit, therefore we have implemented several initiatives to improve restaurant operating profit and overall profitability of our company. These initiatives are focused on purchasing efficiencies for both food and operating supplies, maximizing productivity through smart scheduling, evaluating third-party vendor relationships and reducing travel costs. We believe these initiatives will improve profitability without impacting the guest experience.
- Operating income decreased $7.0 million to $9.3 million for 2023 from $16.3 million for 2022 primarily due to higher pre-opening expenses associated with the increased number of venue openings in 2023, increased depreciation expense associated with eight venues opened since August 2022 and higher labor costs driven by wage inflation and investments in human capital in anticipation of growth.