Ark Restaurants Corp sees fiscal 4Q sales nudge higher thanks to star restaurant Sequoia DC

Ark Restaurants Corp (NASDAQ:ARKR) saw its sales nudge up but profits slip in its fiscal fourth quarter as its star restaurant Sequoia DC in Washington, DC still proved popular with diners.

In the three months until the close of September 29, the restaurant chain’s net income clocked in at $1.01 million, or $0.28 per share, compared with $1.3 million, or $0.37 per share in the corresponding period last year.

Revenue, meanwhile, rose to $40.56 million, up from $39.47 million for the year-ago quarter.

Based in New York, Ark owns and operates 20 restaurants and bars as well as 19 fast-food and catering operations, which are mainly in New York City, Washington DC, Boston, Las Vegas and Atlantic City, as well as Florida. Its signature establishments include New York’s Bryant Park Grill in New York City as well as ROBERT in the city’s Museum of Art & Design.

The year ended on September 29 threw up sales of $10.14 million related to Sequoia DC, up from $4.4 million for the same 12-month period last year. Sequoia DC was closed for renovation for the entire second and third quarters of 2017.

For the year, the company reported a profit of $4.7 million, or $1.31 per share, while its revenue came in at $160 million.

Ark slipped slightly in Thursday’s morning trading session to hit $19.90.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors