Business
Kura Sushi USA Announces Fiscal Third Quarter 2023 Financial Results
IRVINE, Calif., July 06, 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., July 06, 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 third quarter ended May 31, 2023. Fiscal Third Quarter 2023 Highlights Total sales were $49.2 million, compared to $38.0 million in the third quarter of 2022;Comparable restaurant sales increased 10.3% for the third quarter of 2023 as compared to the third quarter of 2022;Operating income was $1.3 million, compared to operating income of $0.5 million in the third quarter of 2022;Net income was $1.7 million, or $0.16 per diluted share, compared to net income of $0.5 million, or $0.05 per diluted share, in the third quarter of 2022;Restaurant-level operating profit* was $11.6 million, or 23.5% of sales;Adjusted EBITDA* was $5.1 million; andOne new restaurant opened during the fiscal third 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, “I’m pleased to announce another excellent quarter for Kura Sushi, both in terms of restaurant-level performance and corporate initiatives. Year-over-year revenue has grown by approximately 30%, driven by our aggressive unit growth and industry-leading comparable sales trends. Our G&A leveraging efforts continue to bear fruit, with an improvement of 130 basis points over the prior year, as well. I’m exceptionally proud to see Kura Sushi continue to mature as a company as it expands its footprint and takes strides towards greater profitability.” Follow-on Offering of Common Stock During the third quarter of 2023, the Company completed an underwritten public offering of 1,265,000 shares of its Class A common stock at a public offering price of $54.00 per share, including the exercise in full of the underwriters’ option to purchase 165,000 additional shares of Class A common stock. The Company received aggregate net proceeds from the offering, net of underwriters’ discounts and commissions and offering expenses of approximately $64.3 million. Review of Fiscal Third Quarter 2023 Financial Resul...