Business
Kura Sushi USA Announces Fiscal Second Quarter 2024 Financial Results
IRVINE, Calif., April 04, 2024 (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, 2024 (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 29, 2024. Fiscal Second Quarter 2024 Highlights Total sales were $57.3 million, compared to $43.9 million in the second quarter of 2023;Comparable restaurant sales increased 3.0% for the second quarter of 2024 as compared to the second quarter of 2023;Operating loss was $1.7 million, compared to operating loss of $1.0 million in the second quarter of 2023;Net loss was $1.0 million, or $(0.09) per diluted share, compared to net loss of $1.0 million, or $(0.10) per diluted share, in the second quarter of 2023;Restaurant-level operating profit* was $11.2 million, or 19.6% of sales;Adjusted EBITDA* was $2.9 million; andFive new restaurants opened during the fiscal second quarter of 2024. * 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, “I‘m very pleased to report the ongoing strength of our business as we progress through a record fiscal year. It was unprecedented for us when we announced a guidance raise so early in the year with our first quarter call, and being able to follow the next quarter with another guidance raise demonstrates our incredible confidence in the business. We’ve opened 10 restaurants to date, putting us well on track for our new unit guidance and giving us the confidence to upgrade our revenue guidance. For our second quarter, we leveraged G&A year-over-year as a percentage of sales by 190 basis points, and grew Adjusted EBITDA by 23%. We’ve introduced new projects such as DoorDash, and our operations teams have more than risen to the challenge of implementing them. I’m extremely proud of everyone’s efforts, and want to acknowledge all of our team members and thank them for creating so much great news.” Review of Fiscal Second Quarter 2024 Financial Results Total sales were $57.3 million compared to $43.9 million in the second quarter of 2023. Comparable restaurant sales increased 3.0% for...