Ark Restaurants Corp. reported a total revenue of $165.8 million for the fiscal year ending September 27, 2025, a decrease of 9.7% from the previous year's revenue of $183.5 million. The decline in revenue was primarily attributed to a 4.2% decrease in same-store food and beverage sales, which fell to $160.9 million from $168.0 million in the prior year. The company experienced significant challenges, particularly in New York and Washington, D.C., where same-store sales dropped by 10.8% and 14.9%, respectively, due to factors such as negative publicity related to lease disputes and lower customer traffic.
The company's operating loss for the year was $4.1 million, a slight improvement from the $4.3 million loss reported in the previous year. However, adjusted operating income, excluding certain gains and impairments, showed a significant decline, with a loss of $1.3 million compared to an income of $3.1 million in the prior year. The company recognized impairment losses of $4.7 million related to right-of-use and long-lived assets, primarily at its Sequoia location, and a goodwill impairment charge of $3.4 million, reflecting ongoing operational challenges and market conditions.
In terms of strategic developments, Ark Restaurants extended its lease for the America restaurant at the New York-New York Hotel and Casino through December 2033, committing to a $4 million refresh of the premises by March 2026. Additionally, the company opened a new concept, Lucky Pig, in the Village Eateries at the New York-New York Hotel and Casino, which cost approximately $850,000. However, the company also faced setbacks, including the permanent closure of the El Rio Grande restaurant and the termination of its lease for the food court at the Hard Rock Hotel and Casino in Tampa, which resulted in a gain of $5.2 million.
As of September 27, 2025, Ark Restaurants employed 1,566 individuals, a slight increase from the previous year. The company continues to navigate a highly competitive hospitality industry, facing challenges such as wage inflation and staffing shortages, which have been exacerbated by the COVID-19 pandemic. The company has not declared dividends since May 2024, reflecting its focus on stabilizing operations and addressing financial challenges.
Looking ahead, Ark Restaurants remains cautious about its financial outlook, particularly in light of ongoing lease disputes for the Bryant Park Grill & Café and The Porch at Bryant Park, which accounted for approximately 15.4% of total revenue in the most recent fiscal year. The company is actively pursuing legal avenues to protect its interests in these properties while exploring opportunities for growth and expansion in other markets.
About ARK RESTAURANTS CORP
Ark Restaurants Corp. is a New York-based hospitality company operating 17 restaurants and bars, alongside 16 fast food concepts and catering services across the U.S. Its diverse menu offerings cater to a wide audience, with a focus on high-quality food in vibrant settings. The company is exploring growth through acquisitions and lease renewals, while facing challenges from inflation and competition in the restaurant industry.
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