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Stock impact report

GEN Restaurant Group Inc (GENK) Q3 2024 Earnings Call Highlights: Revenue Growth and Expansion ... [Yahoo! Finance]

GEN Restaurant Group, Inc. (GENK) 
Company Research Source: Yahoo! Finance
GEN Restaurant Group Inc ( NASDAQ: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 ( NASDAQ:GENK ) launched a successful gift card program with Costco, which has been the best-selling gift card in the participating locations. 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. Gener Show less Read more
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