Business
Kura Sushi USA Announces Fiscal First Quarter 2022 Financial Results
IRVINE, Calif., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese
About this update from Kura Sushi Usa, Inc.
[{"type":"text","content":"IRVINE, Calif., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today reported fiscal first quarter 2022 financial results for the period ended November 30, 2021. Fiscal First Quarter 2022 Highlights Total sales were $29.8 million compared to $9.4 million in the first quarter of 2021;Comparable restaurant sales increased 154% for the first quarter of 2022 as compared to the first quarter of 2021 and increased 19.9% as compared to the first quarter of 2020;Operating loss was $1.3 million, compared to an operating loss of $6.3 million in the first quarter of 2021;Net loss was $1.3 million, or ($0.13) per diluted share, compared to net loss of $6.4 million, or ($0.76) per diluted share, in the first quarter of 2021;Adjusted net loss* was $1.3 million, or ($0.13) per diluted share, compared to an adjusted net loss* of $6.0 million or ($0.71) per diluted share, in the first quarter of 2021;Restaurant-level operating profit* was $5.8 million;Adjusted EBITDA* was $0.8 million; andOne new restaurant opened during the first quarter of 2022. * Adjusted net loss, Restaurant-level operating profit and Adjusted EBITDA are non-GAAP measures and are 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, “We are pleased with the solid start to our fiscal 2022 as we posted a 19.9% increase in comparable restaurant sales versus fiscal 2020 and generated a restaurant-level operating profit margin of 19.5%, further narrowing the profitability gap to our pre-pandemic performance. We believe the actions we have taken to date have positioned our company well to navigate the current operating environment as we look forward to an even busier year with plans to open eight to ten new restaurants to further capitalize on the pent-up demand for the unique Kura experience in fiscal 2022 and beyond.” Review of Fiscal First Quarter 2022 Financial Results Total sales were $29.8 million compared to $9.4 million in the first quarter of 2021. Comparable restaurant sales increased 154% for the first quarter of 2022 as compared to the first quarter of 2021 and increased 19.9%...