FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Progressing. In spite of the uncertain economy, FAT Brands continued to make progress during 1Q25. A total of 23 locations were opened in 1Q25, up 37% from 1Q24. YTD, the Company has signed agreements for an additional 100-plus locations, adding to the over 1,000 location pipeline. The initial Twin Hospitality distribution was accomplished and one of the whole business securitizations was amended.
1Q25 Results. Revenue was $142 million, down from $152 million in the year ago period, impacted by a 3.4% system-wide same store sale decline and lower revenues due to the closure of one Smokey Bones location during its conversion to a Twin Peaks lodge, partially offset by revenues generated by new Twin Peaks lodges. Reported loss was $46 million, or $2.73/sh, compared to a net loss of $38.3 million, or $2.37/sh, in 1Q24.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fiscal Q3 disappoints. Fiscal Q3 revenues of $311.5 million was well below our $367.8 million estimate. Adj. EBITDA loss of $38.6 million was below our seasonal loss estimate of $12.4 million. In spite of a good Valentine’s Day, fiscal third quarter results were adversely affected by weakened consumer confidence and macro economic forces.
Pulls guidance. In lieu of recent trade policies and a weakened consumer, management pulled fiscal full year 2025 guidance. We estimate that fiscal Q4 revenues will decline roughly 6.3% (including the benefit of Easter) and that the company will report an adj. EBITDA loss of $20.5 million. Fiscal full year 2025 revenue and adj. EBIDA are revised to $1.687 billion and $29.2 million, respectively.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Solid Start. ONE Group reported results modestly above our expectations for 1Q25. The accomplishments were driven by another quarter of sequential improvement in comparable sales trends, positive comparable sales at the Benihana restaurants, and strong positive transaction growth of 4.1% at the flagship STK brand.
1Q25 Results. ONE Group reported revenue of $211.1 million, up nearly 150% y-o-y, driven by the May 2024 Benihana acquisition. Same Store Sales declined 3.2%, compared to guidance of a negative 3-4%. Adjusted EBITDA was $25.2 million, up from $7.6 million. Adjusted EPS came in at $0.14, compared to an adjusted loss of $0.02/sh last year.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit ir.luckystrikeent.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lackluster Q3 Results. The company reported Q3 revenue of $339.9 million and adj. EBITDA of $117.3 million, both of which were lower than our estimates of $360.0 million and $130 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, the soft results were largely driven by a decrease in corporate events in California and Seattle, and partially offset by high single digit increase in food sales and stable retail and league business. While Q3 results were lackluster, we believe the company will gain momentum heading into the summer.
Favorable developments. The company’s Summer Season Pass program, aimed at driving retail traffic, increased sales by more than 200% compared with this time last year. Additionally, the company is heading into summer with three water parks and seven family entertainment centers that were acquired this year. We believe the company is well positioned to benefit from its enhanced scale, in spite of the economic uncertainty.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Promising Signs. Management highlighted the success of the Company’s ongoing efforts to improve cash flow and pay down debt. Compared to Q4 2024, Q1 2025 improved across several important financial metrics, resulting in increased profitability and margin growth due to operational efficiencies from the lower cost structure.
Reorganization. This quarter, the company launched its new segment structure: Global Seating, Global Electrical Systems, and Trim Systems and Components. The revised structure aims to better connect with the end market customer and sharpen the Company’s focus on the business units.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 Results. Sales for the first quarter were $1.699 billion compared to $1.869 billion last year but were above our expectations of $1.625 billion. Net loss totaled $29 million, or a loss of $0.97/sh, compared to a net income of $15 million, or $0.40/sh, in the prior year. Adjusted EPS was $1.06, which surpassed our estimate of $0.58/sh, but was lower than $1.31 last year. Adjusted EBITDA of $76 million beat our estimate of $59 million and decreased from $91 million last year.
Favorable Developments. The initial hospitality partnership covers approximately 15,000 potential customer locations within a national hotel management group and is expected to provide a foundation for long-term growth in the segment and adjacent industries. Notably, the company is building inventory and hiring experienced sales personnel to support growth. We believe its actions will drive meaningful growth in the hospitality segment, with meaningful contributions in the second half of 2025.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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Revenues Increased 148.4% to $211.1 Million Benihana Same Store Sales Increased 0.7% and STK Transactions Increased 4.1%
DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the first quarter ended March 30, 2025.
Highlights for the first quarter 2025 compared to the same quarter in 2024 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):
Total GAAP revenues increased 148.4% to $211.1 million from $85.0 million;
Consolidated comparable sales*decreased 3.2%;
Operating income increased$11.3 million to $10.7 million from an operating loss of $0.6 million;
Restaurant EBITDA**increased 162.7% to $34.0 million from $12.9 million;
GAAP net loss available to common stockholders was $6.6 million, or $0.21 net loss per share ($0.14 adjusted net income per share)***, compared to GAAP net loss available to common stockholders of $2.1 million, or $0.07 net loss per share ($0.02 adjusted net loss per share)***
Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 233% to $25.2 million from $7.6 million.
“We were pleased that revenues, comparable sales and adjusted EBITDA reached or exceeded the higher end of our guided ranges. These accomplishments were driven by another quarter of sequential improvement in our comparable sales trend, positive comparable sales at our Benihana restaurants and strong positive transaction growth of 4.1% at our flagship STK brand. Notably, adjusted EBITDA grew 233% to $25.2 million, significantly exceeding our top-line growth and demonstrating our ability to increase profitability through the execution of our initiatives, tight cost management and our growing economies of scale. We are reiterating our full year guidance for 2025 and remain on track to deliver at least $20 million in acquisition synergies by 2026,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
“In 2025, we plan to open five to seven new venues. Over the long term, we aim to balance our significant unit growth opportunities between company-owned and asset-light development, driving shareholder returns while maintaining flexibility in our balance sheet,” Hilario concluded.
Restaurant Development
The Company plans to open five to seven new venues in 2025.
Date
Brand
Location
Type
Status
March 2025
Benihana
San Mateo, California
Owned
Open
April 2025
STK
Topanga, California
Owned
Open
May 2025
STK
Los Angeles, California
Owned
Under Construction (re-location)
Upcoming
Kona Grill
Seattle, Washington
Owned
Under Construction
Liquidity and Share Repurchase Program
As of March 30, 2025, we held $34.1 million in cash and short-term credit card receivables and had $33.6 million available under our revolving credit facility. Under the current conditions, our credit facility does not have any financial covenants.
In March 2024, our Board of Directors authorized a $5 million share repurchase program. During the first quarter ended March 30, 2025, the Company purchased 0.1 million shares for aggregate consideration of $0.3 million
2025 Targets
As of January 1, 2025, we will report financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary. For 2025, our fiscal calendar begins on January 1, 2025 and ends on December 28, 2025 and our first quarter had 89 days.
Financial Results and Other Select Data US$s in millions
Q2 2025 Guidance June 29, 2025
2025 Guidance December 28, 2025
Total GAAP revenues
$205 to $210
$835 to $870
Consolidated comparable sales
-5.5% to -4%
-3% to 1%
Managed, license and franchise fee revenues
$3 to $4
$15 to $16
Total owned operating expenses as a percentage of owned restaurant net revenue
Approx. 83%
83.5% to 82.2%
Consolidated total G&A, excluding stock-based compensation
Approx. $11
Approx. $47
Consolidated Adjusted EBITDA*
$23 to $25
$95 to $115
Consolidated restaurant pre-opening expenses
$1.5 to $2
$7 to $8
Consolidated effective income tax rate
Approx. 7.5%
Consolidated total capital expenditures, net of allowances received by landlords
$45 to $50
Consolidated number of new system-wide venues
2 new venues
5-7 new venues
*We have not reconciled guidance for Consolidated Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.
Conference Call and Webcast
Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast today at 4:30 PM Eastern Time.
The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10198138. The replay will be available until Thursday, May 22, 2025.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events.”
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
Samurai, an interactive dining experience located in sunny Miami, FL and soon to be in Westwood, CA, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki, anywhere from two to twenty tables, right before your eyes along with a robust selection of steak offerings.
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.
Additional information about The ONE Group can be found at www.togrp.com.
Non-GAAP Definitions
We have evolved our definition of non-GAAP financial measures starting in Q3 2024 and Q1 2025. We use certain non-GAAP measures in analyzing operating performance and believe that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company’s financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.
We exclude items management does not consider in the evaluation of its ongoing core operating performance from adjusted net income, adjusted net income / (loss) per share, and Adjusted EBITDA. Starting in Q3 2024, we no longer deduct pre-opening expenses from Adjusted EBITDA. Starting in Q1 2025, we are deducting Series A Preferred Stock paid in kind dividend and accretion from adjusted net income / (loss). Reconciliations of these non-GAAP measures are included under “Reconciliation of Non-GAAP Measures” in this press release.
*Comparable sales represent total U.S. food and beverage sales at owned and managed units, a non-GAAP financial measure, opened for at least a full 24-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions and new restaurant openings. Refer to the reconciliation of GAAP revenue to total food and beverage sales at owned and managed units in this press release.
**We define Restaurant EBITDA as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses before non-cash rent. Restaurant EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Operating income to Restaurant EBITDA in this press release.
***We define adjusted net income / (loss) as net income / (loss) available to common stockholders before Series A Preferred Stock paid-in-kinddividend andaccretion, transaction and exit expenses, transition and integration expenses, non-cash rent during the pre-opening period, other non-recurring costs and the income tax effect of any adjustments. Adjusted net income / (loss) has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of net (loss) / income to adjusted net income / (loss) available to common stockholders in this press release.
****We define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, transaction and exit costs and transition and integration expenses. Starting in Q3 2024, pre-opening expenses are no longer deducted from Adjusted EBITDA. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net Income to Adjusted EBITDA in this press release.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to the impact of the Benihana Inc. acquisition, restaurant openings and 2025 financial targets. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) our ability to integrate the new or acquired restaurants into our operations without disruptions to operations; (2) our ability to capture anticipated synergies; (3) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain employees; (4 )factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (5) our ability to successfully improve performance and cost, realize the benefits of our marketing efforts and achieve improved results as we focus on developing new management and license deals; (6) changes in applicable laws or regulations; (7) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors, including economic downturns; (8) the impact of actual and potential changes in immigration policies and the imposition of tariffs, including increases in food prices and inflation and potential labor shortages and any resulting negative impacts on the macro-economic environment; and (9) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q.
Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
LOS ANGELES, May 07, 2025 (GLOBE NEWSWIRE) — FAT(Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 13 other restaurant concepts, today announced that the Company will host a conference call to review its first quarter 2025 financial results on Thursday, May 8, 2025 at 5:30 PM ET. A press release with first quarter 2025 financial results will be issued prior to the conference call that day.
The conference call can be accessed live over the phone by dialing 1-877-704-4453 from the U.S. or 1-201-389-0920 internationally. A replay will be available after the call until Thursday, May 29, 2025, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13752592. Hosting the call will be Andy Wiederhorn, Chairman, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.
The conference call will also be webcast live from the corporate website at www.fatbrands.com, under the “Investors” section. A replay of the webcast will be available through the corporate website shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
First Quarter Revenue of $1.7 Billion with GAAP EPS of $(0.97); Adjusted EPS of $1.06
GAAP Operating Loss of $32 Million; Net Loss of $29 Million; Operating Cash Flow of $57 Million
Adjusted EBITDA of $76 Million; Adjusted Free Cash Flow of $45 Million
Announced Key Supplier Partnerships in Hospitality Industry Enhancing Foundation for Growth
Announced New B2B Customers During Quarter
BOCA RATON, Fla.–(BUSINESS WIRE)–May 7, 2025– The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of products, services, and technology solutions to businesses and consumers, today announced results for the first quarter ended March 29, 2025.
Consolidated (in millions, except per share amounts)
1Q25
1Q24
Selected GAAP and Non-GAAP measures:
Sales
$1,699
$1,869
Sales change from prior year period
(9)%
Operating income (loss)
$(32)
$41
Adjusted operating income (1)
$54
$66
Net income (loss) from continuing operations
$(29)
$31
Diluted earnings (loss) per share from continuing operations
$(0.97)
$0.83
Adjusted net income from continuing operations (1)
$32
$50
Adjusted earnings per share from continuing operations (fully diluted) (1)
$1.06
$1.31
Adjusted EBITDA (1)
$76
$91
Operating Cash Flow from continuing operations
$57
$44
Free Cash Flow (2)
$36
$13
Adjusted Free Cash Flow (3)
$45
$17
First Quarter 2025 Summary(1)(3)
Total reported sales of $1.7 billion, down 9% versus the prior year period on a reported basis. The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 46 fewer retail locations in service compared to the previous year and reduced retail and online consumer traffic, as well as lower sales in its ODP Business Solutions Division
GAAP operating loss of $32 million and net loss from continuing operations of $29 million, or $(0.97) per diluted share, versus GAAP operating income of $41 million and net income from continuing operations of $31 million, or $0.83 per diluted share, in the prior year period. GAAP operating results in the first quarter of 2025 included $86 million of charges of which $48 million is related to the Company’s Optimize for Growth restructuring plan
Adjusted operating income of $54 million, compared to $66 million in the first quarter of 2024; adjusted EBITDA of $76 million, compared to $91 million in the first quarter of 2024
Adjusted net income from continuing operations of $32 million, or adjusted diluted earnings per share from continuing operations of $1.06, versus $50 million or $1.31, respectively, in the prior year period
Operating cash flow from continuing operations of $57 million and adjusted free cash flow of $45 million, versus $44 million and $17 million, respectively, in the prior year period
$653 million of total available liquidity including $185 million in cash and cash equivalents at quarter end
“We are off to a better start to the year, with our overall performance reflecting positive momentum and improving trends in the first quarter,” said Gerry Smith, Chief Executive Officer of The ODP Corporation. “We delivered solid operational results as we continued to maintain laser focus on the core business, resulting in EBITDA improving sequentially and free cash flow increasing meaningfully over last year. Our consumer division was a key contributor, driving stronger top-line trends, achieving sequential margin improvements, and continuing to deliver solid cash flow.”
“In our B2B distribution business, while the market remained soft, we’re making significant strides beneath the surface. We’ve recently secured some of the most meaningful new business contracts in our history, including our recently announced agreement with CoreTrust, and the pace of customer onboarding is beginning to accelerate, positioning us to drive stronger monthly performance trends.”
“Additionally, we’re making significant underlying progress on our efforts to serve the hospitality industry, including forging key supplier relationships, preparing our inventory and sales force, and actively engaging with potential new customers. Through our recently announced partnership with a leading hospitality management company, we’re laying the foundation to serve the over 15,000 members within this buying group, and we are having positive discussions with other major industry participants. We believe our progress has us on track to begin driving more meaningful results in the hospitality segment beginning in the second half of this year.”
“In our supply chain business, Veyer continued to deliver exceptional results, achieving over 85% revenue growth from third-party customers and adding significant new accounts to its portfolio.”
“Overall, while there is still substantial work ahead, we are encouraged by the progress we’re making,” added Smith. “We’re also closely monitoring the tariff environment, and while we are not immune to shifts in policy, we have taken actions to help mitigate potential impacts. As we move forward, we remain focused on executing the foundational strategies required to drive success and are confident in our ability to capitalize on the opportunities before us, positioning ODP for sustained, profitable growth in the future. And considering our strong balance sheet, valuable asset base, supply chain and distribution capabilities, and cash flow profile, we believe ODP offers a unique and compelling value proposition for shareholders.”
Consolidated Results
Reported (GAAP) Results Total reported sales for the first quarter of 2025 were $1.7 billion, a decrease of 9% compared with the same period last year, driven primarily by lower sales in both its consumer and business-to-business (“B2B”) divisions. Lower sales in its consumer division, Office Depot, was primarily due to lower retail and online consumer traffic as well as 46 fewer stores in service compared to last year related to planned store closures. Sales at ODP Business Solutions Division were lower compared to last year, largely due to lower demand related to reduced spending, macroeconomic conditions, fewer customers, and severe weather challenges. Meanwhile, Veyer continued to provide strong logistics support for the ODP Business Solutions and Office Depot Divisions on lower internal sales volume, and continued to execute across its growth strategy, delivering supply chain and procurement solutions to third-party customers and driving increases in external revenue.
The Company reported GAAP operating loss of $32 million in the first quarter of 2025, down compared to GAAP operating income of $41 million in the prior year period. Operating results in the first quarter of 2025 included $86 million of charges primarily related to $48 million in restructuring expenses associated with the Optimize for Growth restructuring plan, and $28 million in non-cash asset impairments of operating lease right-of-use (“ROU”) assets associated with the Company’s retail store locations. Additionally, the Company incurred $2 million related to the impairment of operating lease ROU assets associated with the Company’s supply chain facilities, $5 million related to impairment of software, and $3 million related to the impairment of fixed assets. Net loss from continuing operations was $29 million, or $(0.97) per diluted share in the first quarter of 2025, down compared to net income from continuing operations of $31 million, or $0.83 per diluted share in the first quarter of 2024.
Adjusted (non-GAAP) Results(1) Adjusted results for the first quarter of 2025 exclude charges and credits totaling $86 million as described above and the associated tax impacts.
First quarter 2025 adjusted EBITDA was $76 million compared to $91 million in the prior year period. This included adjusted depreciation and amortization of $25 million in both the first quarter of 2025 and 2024
First quarter 2025 adjusted operating income was $54 million, down compared to $66 million in the first quarter of 2024
First quarter 2025 adjusted net income from continuing operations was $32 million, or $1.06 per diluted share, compared to $50 million, or $1.31 per diluted share, in the first quarter of 2024, a decrease of 19% on a per share basis
Division Results
ODP Business Solutions Division Leading B2B distribution solutions provider serving small, medium and enterprise level companies with an annual trailing-twelve-month revenue of $3.5 billion.
Reported sales were $852 million in the first quarter of 2025, down 8% compared to the same period last year. The decrease in sales was related primarily to weaker macroeconomic conditions causing a more cautious business spending environment, lower demand, fewer customers, and severe weather impacts. Severe weather impacts are estimated to account for 80 basis points of the decline in sales
Total adjacency category sales, including cleaning and breakroom, furniture, technology, and copy and print, were 44% of total ODP Business Solutions’ sales
Executed initiatives to convert strong pipeline of potential new business in traditional office supply segments and implemented several initiatives to regain top-line traction, including progress on initiating service for one of the largest contracts in Company history, and winning key new business including its agreement with CoreTrust — a 3,500+ business member purchasing collective serving major industries in manufacturing, retail, hospitality and finance
Made significant progress on establishing presence in new industry segments. Since becoming a key supplier and distribution partner for one of the leading hospitality management companies that includes over 15,000 addressable members, ODP Business Solutions signed agreements with major suppliers in the hospitality industry, including Sobel Westex for premium linens and towels, and Hunter Amenities for a wide range of hotel and guest amenities including liquid beauty products, soaps, dry goods and more. The Company is also engaging in discussions with other major market participants and is making significant progress on its service launch in the $16 billion hospitality industry and expects these efforts to begin to contribute more meaningfully beginning in the second half of the year
Made progress on customer onboarding efforts and expect revenue generation from recent new business wins to ramp up in future quarters
Operating income was $21 million in the first quarter of 2025, down compared to $31 million in the same period last year on a reported basis. EBITDA was $27 million, or 3% on a percentage of sales basis
Office Depot Division Leading provider of retail consumer and small business products and services distributed via Office Depot and OfficeMax retail locations and eCommerce presence.
Reported sales were $838 million in the first quarter of 2025, down 11% compared to the prior year reflecting an improvement over recent prior quarterly trends, as targeted profitable sales strategies gained traction. Overall sales were impacted by 46 fewer retail locations in service associated with planned store closures, as well as lower demand relative to last year in the majority of our product categories, and lower online sales, partially offset by higher average order volumes and the impact of targeted sales promotions. The Company closed 12 retail stores in the quarter and had 857 stores at quarter end. Sales were down 5% on a comparable store basis, representing a meaningful improvement over the 10% decrease in the prior year period
Store and online traffic were lower year over year due to macroeconomic factors causing continued weak consumer activity. Targeted sales promotions resulted in higher average order volumes and sales per shopper, strengthening top-line results and margins
Operating income was $45 million in the first quarter of 2025, compared to operating income of $50 million during the same period last year on a reported basis, driven primarily by the flow through impact from lower sales. On a percentage of sales, operating income remained flat compared to the same period last year
Veyer Division Nationwide supply chain, distribution, procurement and global sourcing operation supporting Office Depot and ODP Business Solutions, as well as third-party customers. Veyer’s assets and capabilities include 8 million square feet of infrastructure through a network of distribution centers, cross-docks, and other facilities throughout the United States; a global sourcing presence in Asia; a large private fleet of vehicles; and business next-day delivery capabilities to 98.5% of U.S. population.
In the first quarter of 2025, Veyer provided support for its internal customers, ODP Business Solutions and Office Depot, as well as its third-party customers, generating reported sales of $1.2 billion
Reported operating income was $8 million in the first quarter of 2025, compared to operating income of $9 million in the prior year period driven by the flow through impact of lower sales to internal customers, partially offset by services to third-party customers
Executed supply chain services for one of the world’s largest social media-focused e-commerce companies to deliver warehousing and fulfillment services for their online sales. Focused on converting strong pipeline of new business and adding key new customers to its portfolio
In the first quarter of 2025, sales generated from third-party customers increased by 89% compared to the same period last year, resulting in sales of $17 million. EBITDA generated from third-party customers was $3 million in the quarter, flat with the prior year period
Balance Sheet and Cash Flow
As of March 29, 2025, ODP had total available liquidity of $653 million, consisting of $185 million in cash and cash equivalents and $468 million of available credit under the Fourth Amended Credit Agreement. Total debt was $262 million.
For the first quarter of 2025, cash provided by operating activities of continuing operations increased to $57 million, which included $10 million in restructuring spend, compared to cash provided by operating activities of continuing operations of $44 million in the first quarter of the prior year, which included $4 million in restructuring spend. The year-over-year increase in operating cash flow is primarily related to operational discipline including strong cash conversion, as well as prudent working capital management helping to offset the impact of lower sales.
Capital expenditures were $21 million in the first quarter of 2025 versus $31 million in the prior year period, as the Company continued to prioritize capital investments towards B2B growth opportunities supporting its supply chain operations, distribution network, and digital capabilities. Adjusted Free Cash Flow(3) was $45 million in the first quarter of 2025, up compared to $17 million in the prior year period.
“Our team’s unwavering commitment to operational discipline drove a significant improvement in cash conversion, resulting in $45 million in adjusted free cash flow for the quarter—a 165% increase compared to the same period last year,” said Adam Haggard, co-CFO of The ODP Corporation. “Looking ahead, we remain focused on prioritizing capital allocation to strategically invest in our core business. This approach positions us to capture opportunities in both our traditional business segments and emerging higher-growth industries, such as hospitality, positioning ODP to pursue sustainable growth and long-term value creation.”
Hospitality Industry Progress
In the first quarter of 2025, ODP Business Solutions announced a strategic partnership with one of the world’s largest hotel management organizations, becoming a preferred provider for Operating Supplies & Equipment (“OS&E”). This agreement positions ODP as a reliable distribution partner, supporting the recurring in-room hotel supply needs of its over 15,000 members. By ensuring seamless operations, efficient room resets, and exceptional guest experiences, this partnership underscores ODP’s evolution beyond office supplies and highlights its ability to deliver tailored solutions to businesses in the hospitality, healthcare, and adjacent sectors.
Building on this momentum, ODP Business Solutions has established key agreements with leading suppliers in the hospitality industry, including Sobel Westex and Hunter Amenities, providing access to high quality products to allow ODP to better serve the hospitality industry. Sobel Westex, a global leader in hospitality and retail textiles, will provide to ODP premium products such as pillows, plush terry towels, high-quality linens, blankets, pool towels, and spa-like robes—creating a luxurious and inviting atmosphere for guests. Similarly, Hunter Amenities, a pioneer in personal care and hospitality manufacturing for over four decades, will offer to ODP its portfolio of high-end personal care products, elevating guest experiences.
“We are making significant progress in expanding our presence in the hospitality industry,” said Gerry Smith, CEO of The ODP Corporation. “By building critical relationships with top-tier suppliers, procuring in-demand inventory, and engaging with additional key market participants, we are laying the foundation for meaningful growth in the future. We are excited about the opportunities ahead and expect these efforts to begin contributing more meaningfully to our results starting in the second half of 2025.”
“Optimize for Growth” B2B Revenue Acceleration Plan
The Company made progress on its “Optimize for Growth” restructuring plan. This initiative focuses on capitalizing on ODP’s core strengths — including its supply chain and procurement expertise, robust distribution network, and strong B2B customer base — to accelerate growth in the B2B distribution and third-party logistics (3PL) market segments, while reducing retail exposure and associated liabilities. The plan strategically realigns the Company’s organizational structure, product offerings, and go-to-market strategies to target high-growth opportunities in the B2B market, while also expanding into new enterprise segments, including hospitality, healthcare, and adjacent sectors.
As part of the plan, ODP is prioritizing investments in resources and infrastructure critical to its growth in the B2B sector, while reducing fixed costs associated with retail operations, including store and distribution center leases. Concurrently, the Company has suspended growth investments in its consumer business as it continues to optimize its retail store footprint. Despite reduced retail growth investments, ODP remains firmly committed to supporting and providing an exceptional service experience at its active retail locations, ensuring that customers continue to receive the top-tier care they expect.
In connection with this plan in the first quarter of 2025, the Company recognized $48 million of restructuring expense primarily related to severance costs and the closure of 9 retail stores. In total for multi-year life of the plan, the Company expects to incur costs in the range of $185 million to $230 million, which we anticipate will generate approximately $380 million in EBITDA improvement and generate over $1.3 billion in total value over the multi-year life of the plan.
The ODP Corporation will webcast a call with financial analysts and investors on May 7, 2025, at 9:00 am Eastern Time, which will be accessible to the media and the general public. To listen to the conference call via webcast, please visit The ODP Corporation’s Investor Relations website at investor.theodpcorp.com. A replay of the webcast will be available approximately two hours following the event.
(1)
As presented throughout this release, adjusted results represent non-GAAP financial measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, and asset impairments. Reconciliations from GAAP to non-GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.
(2)
As used in this release, Free Cash Flow is defined as cash flows from operating activities less capital expenditures and changes in restricted cash. Free Cash Flow is a non-GAAP financial measure and reconciliations from GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.
(3)
As used in this release, Adjusted Free Cash Flow is defined as Free Cash Flow excluding cash charges associated with the Company’s restructuring programs, and related expenses. Adjusted Free Cash Flow is a non-GAAP financial measure and reconciliations from GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, the Company, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office supplies sales or to shifting consumer demands; competitive pressures on the Company’s sales and pricing; the risk that the Company is unable to transform the business into a service-driven, B2B platform or that such a strategy will not result in the benefits anticipated; the risk that the Company will not be able to achieve the expected benefits of its strategic plans, including charges and benefits related to Optimize for Growth, Project Core and other strategic restructurings or initiatives; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; failure to effectively manage the Company’s real estate portfolio; loss of business with government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores, service centers, distribution centers, field and corporate offices and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and maintain the Company’s reputation and brand at a high level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting reputation, business partner and customer relationships and operations and resulting in high costs and lost revenue; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption of global sourcing activities, evolving foreign trade policy (including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers’ branded products and services and Office Depot private branded products; covenants in the credit facility; general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies; fluctuation in quarterly operating results due to seasonality of the Company’s business; changes in tax laws in jurisdictions where the Company operates; increases in wage and benefit costs and changes in labor regulations; changes in the regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in the Company’s common stock price; changes in or the elimination of the payment of cash dividends on Company common stock; macroeconomic conditions such as higher interest rates and future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; catastrophic events, including the impact of weather events on the Company’s business; the discouragement of lawsuits by shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by the Company as the sole and exclusive forum for such lawsuits; and the impact of the COVID-19 pandemic on the Company’s business. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Performance Continues to Struggle. First quarter revenue declined 12.7% to $169.8 million from $194.6 million during the same prior year period. The revenue outperformed our estimate of $160.0 million. Operating income and adjusted operating income of $1.4 million and $2.1 million, respectively, decreased by $3.1 million and $4.2 million. Net loss totaled $3.1 million, or $0.09/share, and adjusted net loss totaled $2.6 million, or $0.08/share. Adjusted EBITDA declined to $5.8 million from $9.7 million.
Continued Headwinds. 2025 continues the trends of last year, with challenging global construction and agricultural end markets and lower customer demand across all segments. Furthermore, the recent policy changes and subsequent economic environment have temporarily driven further market confusion. ACT Research projects 2025 North American Class 8 truck production levels to be around 255,000 units compared to 333,372 in 2024, while the Construction and Agriculture markets are projected to be down 5-15% in 2025.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
All-American Wing Chain to Open 10 Locations in Country over Next Three Years
LOS ANGELES, May 06, 2025 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Buffalo’s Cafe and 17 other restaurant concepts, announces the expansion of Buffalo’s Cafe in France in partnership with the group behind Big M CIE, opening 10 units in the country with the first three units set to open by 2026. To coincide with the new locations, the beloved wing brand is unveiling a fast casual model with a smaller footprint to position itself for greater growth across the globe.
“The launch of a new Buffalo’s Cafe fast casual model in France represents a significant milestone in our growth trajectory of the brand, and opens up the door to additional expansion opportunities,” said Taylor Wiederhorn, Co-CEO and Chief Development Officer of FAT Brands. “This announcement also follows Medhi Bella and his team signing a commitment to open 30 Fatburger locations across France—opening a total of 40 locations with FAT Brands. We see a bright future ahead with this partnership as we continue to grow our iconic, all-American brands in the country.”
For 40 years, Buffalo’s Cafe has been known for its authentic Buffalo-style chicken wings, house-made wing sauces and family-friendly environment.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, quick-service, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Buffalo’s Cafe
Founded in 1985 in Roswell, Georgia, the family-themed casual dining chain, known for its world-famous chicken wings and 18 unique homemade wing sauces, burgers, wraps, steaks, and salads has been serving fresh southwestern themed cuisine for 40 years. Featuring a full bar and table service, Buffalo’s Cafe offers an unparalleled dining experience affording friends and family the flexibility to enjoy an intimate dinner together or to casually catch the next sporting event while enjoying robust menu offerings. Buffalo’s – Where Everyone Is Family™. For more information, visit www.buffalos.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and area development agreements. Forward-looking statements reflect expectations of FAT Brands Inc. (“we” or “our”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast to discuss first quarter 2025 financial results on Wednesday, May 7, 2025 at 4:30 PM ET. A press release containing the first quarter 2025 financial results will be issued after market close that same afternoon.
The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10198138. The replay will be available until Wednesday, May 21, 2025.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events”.
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
Samurai, an interactive dining experience located in sunny Miami, FL and soon to be in Westwood, CA, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki, anywhere from two to twenty tables, right before your eyes along with a robust selection of steak offerings.
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.
Additional information about The ONE Group can be found at www.togrp.com.
Global Restaurant Franchising Company Hires Seasoned Global IT Executive
LOS ANGELES, May 05, 2025 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., announces the hiring of Drew Martin as Chief Information Officer. Martin joins FAT Brands with over 35 years of IT experience, delivering impactful results for a wide range of companies—from Fortune 500 companies to high-growth start-ups. Martin will be focused on delivering scalable technological solutions to progress the growth of FAT Brands.
Martin’s diverse background includes serving as Senior Vice President and CIO for Jack in the Box and Senior Vice President and CIO for Sony Electronics. Other previous ventures include PepsiCo, leading the digital transformation/supporting the sale of Jenny Craig, and serving as Executive Vice President and CIO of high-growth software start-up Lytx Inc., where Martin led the development of AI product features.
“Drew’s vast experience across the consumer landscape will provide great value to FAT Brands as we continue to enhance and strengthen our technology platforms,” said Thayer Wiederhorn, Chief Operating Officer of FAT Brands. “His deep understanding of digital innovation will be instrumental as we work to elevate our guest experience, streamline operations, and drive long-term growth across our portfolio of brands.”
“FAT Brands continues to cement itself as a leader in the restaurant space with its dynamic, growing restaurant portfolio,” said Drew Martin, CIO of FAT Brands. “I look forward to identifying new technology opportunities that provide strategic value across our brands and position the company as an innovator within the industry.”
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, quick-service, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
