Business
Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2021 Financial Results
IRVINE, Calif., Nov. 11, 2021 (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., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today provided a COVID-19 business update and reported fiscal fourth quarter and fiscal year 2021 financial results for the period ended August 31, 2021. COVID-19 Business Update As of August 31, 2021, the Company had all 32 of its restaurants open with indoor dining capacities of 100%. As of today, the Company has all 33 restaurants operating at an indoor capacity of 100%, including one new restaurant opened subsequent to August 31, 2021. Fiscal Fourth Quarter 2021 Highlights Total sales were $27.9 million compared to $5.5 million in the fourth quarter of 2020;Operating loss was $0.8 million, compared to an operating loss of $6.8 million in the fourth quarter of 2020;Net loss was $0.8 million, or ($0.09) per diluted share, compared to net loss of $6.8 million, or ($0.82) per diluted share, in the fourth quarter of 2020;Adjusted net loss* was $1.4 million, or ($0.15) per diluted share, compared to an adjusted net loss* of $7.0 million or ($0.84) per diluted share, in the fourth quarter of 2020;Restaurant-level operating profit* was $4.6 million;Adjusted EBITDA* was $0.6 million; andOne new restaurant opened during the fourth quarter of 2021. * Adjusted net income (loss), Restaurant-level operating profit (loss) 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, “Our fiscal fourth quarter results demonstrate the continued momentum in our business recovery. Despite challenges presented by COVID-19 and its variants, we generated meaningful top line growth and a solid 4.9% increase in comparable restaurant sales versus 2019. Moreover, our operational efficiencies have also allowed us to deliver a restaurant-level operating profit margins of over 16%, strongly narrowing the gap to our pre-pandemic performance. Through a renewed focus on recruitment and retention, and continued investment in technological innovation and automation, we have positioned our Company for success as we enter fiscal 2022.” Uba added, “Fiscal 2022 is an...