Business
Kura Sushi USA Announces Preliminary Unaudited Fiscal Third Quarter 2024 Financial Results
IRVINE, Calif., June 27, 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., June 27, 2024 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced preliminary unaudited results for the third quarter of fiscal 2024. Preliminary Unaudited Fiscal Third Quarter 2024 Financial Results The Company is announcing that it now expects to report the following results for the fiscal third quarter of 2024: Total sales are expected to be approximately $63.1 million;Comparable restaurant sales are expected to have increased approximately 0.6% for the third quarter of 2024 as compared to the third quarter of 2023; andRestaurant-level operating profit* is expected to be approximately 20% of sales. * Restaurant-level operating profit is a non-GAAP measure and is defined below under “Key Financial Definitions.” See also “Non-GAAP Financial Measures” below. Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “The financial results of our fiscal third quarter did not meet our expectations, due largely to unanticipated softness in the California market. Despite this, I’m proud of the diligent efforts to control costs by our team members both at our restaurants and support center, allowing us to maintain restaurant-level operating profit margins of approximately 20% and continue to manage our G&A costs even with unexpected sales volumes. While we believe that these sales pressures are transitory and consumer strength will normalize over time, we believe we have positioned the company to be able to deliver strong results regardless of the overall macro environment. We believe the long-term potential of Kura Sushi remains unchanged, and see this as an opportunity to drive new efficiencies, and become a stronger organization than ever as we continue to grow.” Restaurant Development During the fiscal third quarter of 2024, the Company opened four new restaurants in Orlando, Florida; Atlanta, Georgia; Scarsdale, New York; and Roseville, California. Fiscal Year 2024 Outlook For the full fiscal year of 2024, the Company now expects total sales to be between $235 million and $237 million. Preliminary Unaudited Financial Information The preliminary financial results set forth in this release are unaudited preliminary numbers which are subject to change. The Company has not completed its quarter end clo...