Business
Kura Sushi USA Announces Fiscal Third Quarter 2022 Financial Results
IRVINE, Calif., July 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., July 07, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today reported fiscal third quarter 2022 financial results for the period ended May 31, 2022. Fiscal Third Quarter 2022 Highlights Total sales were $38.0 million, compared to $18.5 million in the third quarter of 2021;Comparable restaurant sales increased 65% for the third quarter of 2022 as compared to the third quarter of 2021;Operating income was $0.5 million, compared to operating income of $0.9 million in the third quarter of 2021;Net income was $0.5 million, or $0.05 per diluted share, compared to net income of $0.8 million, or $0.09 per diluted share, in the third quarter of 2021;Adjusted net income* was $0.5 million, or $0.05 per diluted share, compared to an adjusted net loss* of $4.5 million or ($0.54) per diluted share, in the third quarter of 2021;Restaurant-level operating profit* was $8.5 million;Adjusted EBITDA* was $3.2 million; andOne new restaurant opened during the fiscal third 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, “The strong sales momentum from the first half of our fiscal year continued into the third quarter, exemplified by comparable sales growth of 28.3% versus our pre-pandemic fiscal 2019 results and another record sales quarter for the company. Moreover, our team has done a tremendous job navigating on-going inflationary pressures, resulting in a solid improvement in our restaurant level profitability, both on a dollar and margin basis as compared to our pre-COVID period.\" Uba added, “We continued to make progress toward growing our restaurant base, opening a new restaurant in Watertown, MA, another new market for Kura Sushi. To date, we’ve opened five new restaurants in fiscal 2022, and expect to open at least eight for the full fiscal year. Guest reception for our new openings has continued to exceed our initial expectations. We believe each of our successful new markets is a point of proof for the na...