Ark Restaurants Corp. reported a decline in financial performance for the 13 and 26 weeks ended March 29, 2025, as detailed in its latest 10-Q filing. Total revenues for the 13-week period were $39.7 million, down 6.0% from $42.3 million in the same period last year. For the 26-week period, revenues decreased by 5.6% to $84.7 million from $89.7 million. The company attributed this decline primarily to reduced same-store sales and the closure of the El Rio Grande restaurant and the Tampa Food Court.
The company's operating loss for the 13 weeks ended March 29, 2025, was $4.6 million, a significant increase from a loss of $1.2 million in the prior year, marking a 284.1% rise. Excluding a goodwill impairment charge of $3.4 million and a gain from the closure of El Rio Grande, the adjusted operating loss was $1.3 million, reflecting a 9.6% increase compared to the previous year. For the 26-week period, the operating income was $1.1 million, down from $401,000 in the same period last year, with the adjusted loss reaching $717,000.
In terms of operational developments, Ark Restaurants continues to manage 16 restaurants and bars, alongside 12 fast food concepts and catering operations across the United States. The company has faced challenges related to inflation, particularly in food and labor costs, which have impacted profitability. The company reported a same-store sales increase of 0.4% for the 13 weeks ended March 29, 2025, driven by a 1.3% increase in Las Vegas, while New York and Washington, D.C. locations experienced declines.
Strategically, Ark Restaurants is navigating lease expirations for its Bryant Park Grill & Café and The Porch at Bryant Park, which accounted for approximately 15% of total revenues in the previous fiscal year. The company has filed a lawsuit regarding the bid process for these leases, seeking to protect its interests. As of March 29, 2025, Ark Restaurants had cash and cash equivalents of $11.1 million and a working capital deficit of $6.8 million, an improvement from a deficit of $10.7 million a year prior. The company is currently assessing its financial strategies in light of ongoing economic conditions and operational challenges.
About ARK RESTAURANTS CORP
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