Business
Kura Sushi USA Announces Fiscal Second Quarter 2023 Financial Results
IRVINE, Calif., April 04, 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., April 04, 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 second quarter ended February 28, 2023. Fiscal Second Quarter 2023 Highlights Total sales were $43.9 million, compared to $31.3 million in the second quarter of 2022;Comparable restaurant sales increased 17.4% for the second quarter of 2023 as compared to the second quarter of 2022;Operating loss was $1.0 million, compared to operating loss of $1.9 million in the second quarter of 2022;Net loss was $1.0 million, or $(0.10) per diluted share, compared to net loss of $1.9 million, or $(0.19) per diluted share, in the second quarter of 2022;Restaurant-level operating profit* was $8.9 million, or 20.3% of sales;Adjusted EBITDA* was $2.3 million; andThree new restaurants opened during the fiscal second quarter of 2023. * 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, “It’s been an exceptional quarter for Kura Sushi. Last quarter, I had mentioned our three goals for this fiscal year; maintaining great operations and delivering unbeatable value to our guests, continuing our rapid unit expansion, and leveraging our G&A investment. It’s my pleasure to be able to say that we are seeing excellent results on each of these goals.” Uba added, “We continue to deliver industry-leading traffic growth as consumer sentiment remains extremely strong. Our unit pipeline is the strongest it has ever been, with nine units under construction and another nine executed leases across existing and new markets. Our success in leveraging G&A, combined with improvements in restaurant-level costs, has resulted in a 400-basis point Adjusted EBITDA margin expansion over the previous year.” Review of Fiscal Second Quarter 2023 Financial Results Total sales were $43.9 million compared to $31.3 million in the second quarter of 2022. Comparable restaurant sales increased 17.4% for the second quarter of 2023 as compared to the second quarter of 2022. Food and beverage costs a...