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Nov 30, 2022
Kura Sushi Q1 2023 Earnings Report
Kura Sushi reported strong Q1 2023 financial results, outperforming industry averages and opening two new restaurants.
Key Takeaways
Kura Sushi USA, Inc. announced financial results for the fiscal first quarter ended November 30, 2022. Total sales were $39.3 million, an increase from $29.8 million in the first quarter of 2022. Comparable restaurant sales increased 6.9%. The company reported an operating loss of $2.2 million and a net loss of $2.1 million, or $(0.21) per diluted share.
Total sales were $39.3 million, compared to $29.8 million in the first quarter of 2022.
Comparable restaurant sales increased 6.9% for the first quarter of 2023 as compared to the first quarter of 2022.
Operating loss was $2.2 million, compared to operating loss of $1.3 million in the first quarter of 2022.
Restaurant-level operating profit was $7.2 million, or 18.2% of sales.
Forward Guidance
For the full fiscal year of 2023, the Company reaffirms the following previously provided annual guidance: Total sales between $183 million and $188 million; General and administrative expenses as a percentage of sales of approximately 16%; and 9 to 11 new restaurants, with average net capital expenditures per unit of approximately $2.5 million.
Positive Outlook
- Total sales between $183 million and $188 million
- General and administrative expenses as a percentage of sales of approximately 16%
- 9 to 11 new restaurants
- Average net capital expenditures per unit of approximately $2.5 million
- Continue rapid unit expansion
Challenges Ahead
- Impact of a potential resurgence of the COVID-19 pandemic
- Outbreak of other highly contagious viruses
- Changes in food and supply costs, including the impact of inflation and tariffs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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