Business
Kura Sushi USA Announces Fiscal Second Quarter 2022 Financial Results
IRVINE, Calif., April 07, 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., April 07, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today reported fiscal second quarter 2022 financial results for the period ended February 28, 2022. Fiscal Second Quarter 2022 Highlights Total sales were $31.3 million compared to $9.1 million in the second quarter of 2021;Comparable restaurant sales increased 183% for the second quarter of 2022 as compared to the second quarter of 2021 and increased 11.3% as compared to the second quarter of 2020;Operating loss was $1.9 million, compared to an operating loss of $3.8 million in the second quarter of 2021;Net loss was $1.9 million, or ($0.19) per diluted share, compared to net loss of $3.9 million, or ($0.46) per diluted share, in the second quarter of 2021;Adjusted net loss* was $1.9 million, or ($0.19) per diluted share, compared to an adjusted net loss* of $6.5 million or ($0.78) per diluted share, in the second quarter of 2021;Restaurant-level operating profit* was $5.6 million;Adjusted EBITDA* was $0.4 million; andThree new restaurants opened during the second quarter of 2022. * Adjusted net 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, “The sales momentum of our fiscal first quarter continued through the first half of our fiscal year, as evidenced by our fiscal second quarter comparable sales growth of 11.3% versus pre-Covid fiscal 2020. Our team has done an excellent job of mitigating the omicron-headwinds during the quarter, which were most significant from mid-December through late January, resulting in our fiscal second quarter setting a new company record for quarterly sales.” Uba added, “We also made progress toward growing our restaurant base, adding three new restaurants during the quarter, plus one additional unit subsequent to the quarter’s end. To date we’ve opened five new restaurants towards our fiscal 2022 plan of eight to ten new restaurants, including the entrance of two new markets. While still early, guest reception for these openings, both in new and ex...