Business
Kura Sushi USA Announces Fiscal Third Quarter 2024 Financial Results
IRVINE, Calif., July 09, 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., July 09, 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 third quarter ended May 31, 2024. Fiscal Third Quarter 2024 Highlights Total sales were $63.1 million, compared to $49.2 million in the third quarter of 2023;Comparable restaurant sales increased 0.6% for the third quarter of 2024 as compared to the third quarter of 2023;Operating loss was $1.2 million, compared to operating income of $1.3 million in the third quarter of 2023;Net loss was $0.6 million, or $(0.05) per diluted share, compared to net income of $1.7 million, or $0.16 per diluted share, in the third quarter of 2023;Adjusted net income* was four thousand dollars, or $0.00 per diluted share, compared to an adjusted net income* of $1.7 million or $0.16 per diluted share, in the third quarter of 2023;Restaurant-level operating profit* was $12.6 million, or 20.0% of sales;Adjusted EBITDA* was $4.5 million; andFour new restaurants opened during the fiscal third quarter of 2024. * Adjusted net income, 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, “We believe the current headwinds are macro-driven and transitory, but with the difficulty in predicting the duration of macroeconomic shifts, we believe the most prudent course of action is to position ourselves to be able to continue to deliver strong financial results and uninterrupted progress on our core strategic goals of at least 20% annual unit growth, G&A leverage, and operational excellence regardless of the broader economic environment. While the third quarter results were unexpected, nothing has changed about Kura Sushi’s tremendous potential.” Review of Fiscal Third Quarter 2024 Financial Results Total sales were $63.1 million compared to $49.2 million in the third quarter of 2023. Comparable restaurant sales increased 0.6% for the third quarter of 2024 as compared to the third quarter of 2023. Food and beverage costs as a percentage of sales were 29.2% compared to 30.0% in th...