Business
Kura Sushi USA Announces Fiscal First Quarter 2020 Financial Results
Reiterates Full Year Guidance IRVINE, Calif., Jan. 08, 2020 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a
About this update from Kura Sushi Usa, Inc.
[{"type":"text","content":"Reiterates Full Year Guidance\nIRVINE, Calif., Jan. 08, 2020 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a fast-growing technology-enabled Japanese restaurant concept, today reported fiscal first quarter financial results for the period ended November 30, 2019.\n Fiscal First Quarter 2020 Highlights Total sales increased 30% to $17.4 million, compared to the first quarter of 2019;Comparable restaurant sales growth increased 7.9%;Operating loss was $1.4 million, compared to a loss of $0.4 million in the first quarter of 2019;Net loss was $1.2 million, or ($0.15) per diluted share, compared to net loss of $0.4 million, or ($0.08) per diluted share in the first quarter of 2019;Restaurant-level contribution* was $3.0 million, compared to $2.5 million in the first quarter of 2019; andAdjusted EBITDA* was ($0.1) million, compared to $0.5 million in the first quarter of 2019. * Restaurant-level contribution and Adjusted EBITDA are non-GAAP measures and defined below under “Key Financial Definitions”. Please see the reconciliation of non-GAAP measures accompanying this release. See also “non-GAAP Financial Measures” below. Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “Our first quarter loss was generally in line with our expectations, and we continue to expect our profits to be generated during the second half of the fiscal year, in line with historical cadence. Results in the first quarter included strong comparable restaurant sales growth, as guests continue to respond positively to our premium ingredients, affordable price points, and most importantly, the distinctive ‘Kura Experience’. We remain excited about the balance of fiscal 2020 and have a number of drivers in place that we believe can sustain our momentum. Furthermore, we have a strong development pipeline that will enable us to bring our unique brand to a growing number of guests throughout the country.” Review of First Quarter 2020 Financial Results Total sales increased 30% to $17.4 million compared to $13.4 million in the first quarter of 2019. Comparable restaurant sales increased 7.9% for first quarter of 2020, resulting in a 12.3% increase on a two-year basis. This increase was driven by increases in both average check and traffic. Operating loss was $1.4 million compared to an operating loss of ...