Business
Kura Sushi USA Announces Fiscal First Quarter 2024 Financial Results
IRVINE, Calif., Jan. 04, 2024 (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. 04, 2024 (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, 2023. Fiscal First Quarter 2024 Highlights Total sales were $51.5 million, compared to $39.3 million in the first quarter of 2023;Comparable restaurant sales increased 3.8% for the first quarter of 2024 as compared to the first quarter of 2023;Operating loss was $2.8 million, compared to operating loss of $2.2 million in the first quarter of 2023;Net loss was $2.0 million, or $(0.18) per diluted share, compared to net loss of $2.1 million, or $(0.21) per diluted share, in the first quarter of 2023;Restaurant-level operating profit* was $10.1 million, or 19.5% of sales;Adjusted EBITDA* was $1.8 million; andFour new restaurants opened during the fiscal first quarter of 2024. * 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, “Fiscal 2024 is off to an exceptionally strong start, with meaningful improvements in restaurant-level operating profit margin and Adjusted EBITDA, as well as six new units opened to date with another seven under construction. Our goals for this fiscal year remain the same as last year: maintain excellent operations, continue to rapidly grow the number of our restaurants, and leverage our G&A against our increasingly large restaurant base. I’m pleased to say that we are already making excellent progress on all three fronts.” Review of Fiscal First Quarter 2024 Financial Results Total sales were $51.5 million compared to $39.3 million in the first quarter of 2023. Comparable restaurant sales increased 3.8% for the first quarter of 2024 as compared to the first quarter of 2023. Food and beverage costs as a percentage of sales were 29.8% compared to 31.6% in the first quarter of 2023. The decrease is primarily due to increases in menu prices, partially offset by food cost inflation. Labor and related costs as a percentage of sales remained consistent at 31.6% in the first quarter of 2024 as ...