Business
Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
IRVINE, Calif., Nov. 08, 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., Nov. 08, 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 fourth quarter and fiscal year ended August 31, 2023. Fiscal Fourth Quarter 2023 Highlights Total sales were $54.9 million, compared to $42.0 million in the fourth quarter of 2022;Comparable restaurant sales increased 6.5% for the fourth quarter of 2023 as compared to the fourth quarter of 2022;Operating income was $2.2 million, compared to operating income of $1.9 million in the fourth quarter of 2022;Net income was $2.9 million, or $0.25 per diluted share, compared to net income of $1.9 million, or $0.19 per diluted share, in the fourth quarter of 2022;Adjusted net income* was $2.9 million, or $0.25 per diluted share, compared to an adjusted net income of $2.1 million or $0.21 per diluted share, in the fourth quarter of 2022;Restaurant-level operating profit* was $13.4 million, or 24.4% of sales;Adjusted EBITDA* was $6.3 million; andFour new restaurants opened during the fiscal fourth quarter of 2023. * Restaurant-level operating profit, Adjusted net income 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 very pleased to announce that we’ve closed another record-breaking year with a great fiscal fourth quarter. In Q4, we achieved comparable sales growth of 6.5%, against one of our hardest comparisons yet. Traffic growth has continued to be a highlight for Kura Sushi, with 5.6% of our comparable sales growth being driven by increased guest traffic. We also opened four new restaurants during the quarter. Over the course of fiscal 2023, we achieved our three major goals by opening a record ten new units, improving our restaurant-level operating profit margins by 70 basis points, and leveraging our general and administrative expenses by 80 basis points. I could not be prouder of the work that all of our team members have done to achieve this, and am excited for another incredible year of growth for Kura Sushi.” Review of Fiscal Fourth Quarter 2023 Financial Results Tota...