Business
Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2022 Financial Results
IRVINE, Calif., Nov. 10, 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., Nov. 10, 2022 (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 fourth quarter and fiscal year ended August 31, 2022. Fiscal Fourth Quarter 2022 Highlights Total sales were $42.0 million, compared to $27.9 million in the fourth quarter of 2021;Comparable restaurant sales increased 27.6% for the fourth quarter of 2022 as compared to the fourth quarter of 2021;Operating income was $1.9 million, compared to operating loss of $0.8 million in the fourth quarter of 2021;Net income was $1.9 million, or $0.19 per diluted share, compared to net loss of $0.8 million, or $(0.09) per diluted share, in the fourth quarter of 2021;Adjusted net income* was $2.1 million, or $0.21 per diluted share, compared to an adjusted net loss* of $1.4 million or $(0.15) per diluted share, in the fourth quarter of 2021;Restaurant-level operating profit* was $10.0 million, or 23.9% of sales;Adjusted EBITDA* was $4.8 million; andThree new restaurants opened during the fiscal fourth quarter of 2022. * Adjusted net income (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 continued to see strong sales performance in our fourth quarter, with comparable sales growth of 27.6% as compared to the prior year period. I am especially pleased to note that part of these strong comparable sales were 14.6% of traffic growth.” Uba added, “During our fiscal fourth quarter we opened three new restaurants in Novi, MI; Orlando, FL; and Tysons, VA. I am extremely proud of our development team for achieving 25% unit growth for our fiscal year, in spite of industry-wide construction headwinds, and for the work that our operations team has done to deliver such strong restaurant openings.” Review of Fiscal Fourth Quarter 2022 Financial Results Total sales were $42.0 million compared to $27.9 million in the fourth quarter of 2021. Comparable restaurant sales increased 27.6% for the fourth quarter of 2022 as compared to the fourth quarter of 2021. F...