ONE Group (STKS) Unveils STK Steakhouse in Salt Lake City
The ONE Group Hospitality, Inc. STKS expands its footprint with the opening of its STK Steakhouse in Salt Lake City, UT. This marks the company’s first restaurant in the state. This new opening aligns with the company’s expansion initiatives and long-term domestic growth plans.
The new STK Salt Lake City delivers Vibe Dining in The West Quarter. With elevated culinary offerings, renowned cocktails and live music from DJs, the restaurant provides a top-notch experience. This marks the third STK Steakhouse opened in the fourth quarter of 2023, aligning with STKS's successful execution of its long-term growth plan.
Expansion Efforts to Drive Growth
The company is benefiting from new restaurant openings and long-term growth strategies. ONE Group focuses on expansion efforts to drive growth. Year to date, the company has opened eight new restaurants.
Recently, the company unveiled its first STK Steakhouse in the bustling Back Bay district of Boston, MA.
In October, the company opened a new STK in Charlotte, NC, and a new Kona Grill in Phoenix, AZ — the third Kona Grill in the area. Both restaurants are off to strong starts, reinforcing STKS's confidence in the long-term EBITDA and earnings potential of its development pipeline, showcasing industry-leading ROIs for shareholders.
In 2024, STKS plans to open three additional STKs, including a licensed location. These include an STK in Washington, D.C., at the Marriott Marquis, another STK in Aventura, FL, at the Aventura Mall and a licensed STK. This highlights the enhanced flexibility in its pipeline for strategic restaurant openings.
Looking ahead, STKS anticipates a long-term addressable market of 200 global STK restaurants and 200 domestic Kona Grills.
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Shares of STKS have gained 14.7% in the past three months compared with the Zacks Retail - Restaurants industry’s 9.6% growth.
Zacks Rank & Key Picks
ONE Group currently carries a Zacks Rank #4 (Sell).
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