Tue, May 14, 8:15 PM (306 days ago)
GEN Restaurant Group, Inc. reported a 15.7% increase in revenue to $50.8 million for Q1 2024, driven by the operation of 39 restaurants compared to 31 in Q1 2023. Food and payroll costs rose by 18.6% and 18.3%, respectively, due to inflation and increased operations. Occupancy and operating expenses also increased, reflecting higher costs and additional locations. General and administrative expenses surged by 127.4% due to costs associated with transitioning to a public company. Net income attributable to the company fell by 88% to $496,000, largely due to the absence of prior year employee retention credits and higher operating costs. The company maintains a cash position of $28.1 million, supported by strong operating cash flows, but faces increased liabilities from recent acquisitions and new restaurant openings. Future growth is anticipated from new leases and openings planned for 2024.