Business
Kura Sushi USA Announces Fiscal First Quarter 2023 Financial Results
IRVINE, Calif., Jan. 05, 2023 (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. 05, 2023 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced financial results for the fiscal first quarter ended November 30, 2022. Fiscal First Quarter 2023 Highlights Total sales were $39.3 million, compared to $29.8 million in the first quarter of 2022;Comparable restaurant sales increased 6.9% for the first quarter of 2023 as compared to the first quarter of 2022;Operating loss was $2.2 million, compared to operating loss of $1.3 million in the first quarter of 2022;Net loss was $2.1 million, or $(0.21) per diluted share, compared to net loss of $1.3 million, or $(0.13) per diluted share, in the first quarter of 2022;Restaurant-level operating profit* was $7.2 million, or 18.2% of sales;Adjusted EBITDA* was $0.6 million; andTwo new restaurants opened during the fiscal first quarter of 2023. * 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, “I’m excited to report another strong quarter where we outperformed industry averages with regards to traffic growth, saw two strong restaurant openings, and delivered restaurant-level operating profit margin that exceeded the same period prior to the pandemic. Our performance has been driven by the steadfast support from our loyal guests and warm receptions by new fans alike. In an environment where consumers are forced to be more careful with their discretionary spending, we’re delighted to see that when our guests go out to eat, they choose to dine with us.” Uba added, \"Our three goals for this year are to continue our rapid unit expansion, grow into our G&A, and to maintain the operational excellence and incredible values that have made us our guest’s top choice for dining out.” Review of Fiscal First Quarter 2023 Financial Results Total sales were $39.3 million compared to $29.8 million in the first quarter of 2022. Comparable restaurant sales increased 6.9% for the first quarter of 2023 as compared to the first quarter of 2022. Food and beverage costs as a percentage of sales were 31...