Kura Sushi USA, Inc. reports developments for a technology-enabled Japanese restaurant concept built around revolving sushi service and Japanese cuisine. News commonly covers fiscal results, comparable restaurant sales, restaurant-level operating profit, food and beverage costs, general and administrative expenses, and new restaurant openings across its U.S. footprint.
Company updates also address unit expansion, investor conference participation, board composition, and finance leadership changes for the Nasdaq-listed restaurant operator, which was established as a U.S. subsidiary of Japan-based Kura Sushi, Inc.
Kura Sushi USA (NASDAQ: KRUS) has appointed Treasa Bowers as an independent member of its Board of Directors, effective July 9, 2024. Bowers, who boasts three decades of experience at 7-Eleven, will also join the Audit and Compensation Committees. Kura Sushi's CEO Hajime Uba emphasized Bowers' extensive experience as a key asset for the company's growth. Bowers currently serves as the Executive VP and Chief HR Officer at 7-Eleven, where she manages talent strategy, including acquisition, management, training, development, and employee relations. She also serves on various other boards, contributing to diversity and inclusion initiatives.
Kura Sushi USA reported its fiscal third-quarter 2024 financial results, revealing total sales of $63.1 million, up from $49.2 million in the same period last year. Comparable restaurant sales saw a slight increase of 0.6%. However, the company faced an operating loss of $1.2 million compared to a $1.3 million operating income in Q3 2023. Net loss stood at $0.6 million, or $(0.05) per diluted share, down from a net income of $1.7 million, or $0.16 per diluted share, last year. Adjusted net income was $4,000, or $0.00 per share. The restaurant-level operating profit was $12.6 million, 20.0% of sales, while adjusted EBITDA was $4.5 million. Kura Sushi opened four new restaurants during the quarter and projects total sales of $235-237 million for fiscal 2024.
Kura Sushi USA announced its preliminary unaudited financial results for the fiscal third quarter of 2024. The company reported expected total sales of approximately $63.1 million and a comparable restaurant sales increase of 0.6% year-over-year. However, the financial results did not meet expectations due to unanticipated softness in the California market. Despite these challenges, the company maintained a restaurant-level operating profit margin of about 20%. The company opened four new restaurants during the quarter in Orlando, Atlanta, Scarsdale, and Roseville. For the full fiscal year 2024, Kura Sushi projects total sales between $235 million and $237 million. The final results will be confirmed after completing the quarter-end closing procedures.
Kura Sushi USA, a technology-driven Japanese restaurant, will participate in William Blair’s 44th Annual Growth Stock Conference in Chicago on June 5, 2024.
The company will host a fireside chat starting at 1:20 p.m. CT, and the presentation will be available on their corporate website under the investor relations section.
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