US-based Ark Restaurants has posted a 2.25% dip in total revenues for the fourth quarter (Q4) of 2024, amounting to $43.4m compared to $44.4m for the same period of 2023.
For the 13 weeks ended 28 September 2024, the restaurant and bar operator experienced a company-wide same-store sales decline of 3.6% against the corresponding period of the previous year.
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The net loss attributable was $4.46m – an improvement from a net loss of $10.36m in Q4 2023.
The loss per share stood at $1.24 per basic and diluted share, a reduction from a loss of $2.88 per basic and diluted share in the same quarter of the previous year.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter was reported at $503,000, a slight decrease from $585,000 in Q4 2023.
The figures exclude a loss of $876,000 on the closure of El Rio Grande and non-cash goodwill impairment charges of $4m.
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By GlobalDataAs of the end of Q4 2024, Ark Restaurants held cash and cash equivalents of $10.27m and had a total outstanding debt of $5.24m.
For the fiscal year 2024, total revenues reached $183.55m – a slight decrease from $184.79m for the fiscal year 2023.
It’s company-wide same-store sales saw a year-over-year decrease of 1.1%.
Net loss attributable to the company for the fiscal year 2024 was $3.9m – an improvement from a net loss of $5.93m for the fiscal year 2023.
The company’s adjusted EBITDA for the fiscal year 2024 was $6.13m, down from $9.27m in the previous fiscal year.
In May, Ark Restaurants reported a loss of $484,000 in the second quarter of fiscal 2024 as against a profit of $1.05m a year previously.
