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Nov 30, 2023
Kura Sushi Q1 2024 Earnings Report
Kura Sushi's financial performance in Q1 2024 reflected a strong start to the fiscal year, marked by increased total sales and comparable restaurant sales, despite an operating loss.
Key Takeaways
Kura Sushi USA reported a strong start to fiscal year 2024, with a 31% increase in total sales to $51.5 million compared to $39.3 million in the first quarter of 2023. Comparable restaurant sales increased by 3.8%. The company opened four new restaurants during the quarter. Despite the growth, the company reported an operating loss of $2.8 million and a net loss of $2.0 million, or $(0.18) per diluted share.
Total sales increased to $51.5 million, a 31% increase compared to the first quarter of 2023.
Comparable restaurant sales increased by 3.8% compared to the same period last year.
Restaurant-level operating profit was $10.1 million, representing 19.5% of sales.
Four new restaurants were opened during the fiscal first quarter of 2024.
Forward Guidance
For the full fiscal year 2024, the Company reiterates and updates the following annual guidance:
Positive Outlook
- Total sales between $239 million and $244 million
- General and administrative expenses as a percentage of sales to be approximately 14.5%
- 12 to 14 new restaurants
- Average net capital expenditures per unit of approximately $2.5 million
- Maintaining excellent operations
Challenges Ahead
- Rising interest rates
- Possibility of a recession
- Instability in financial markets
- Changes in food and supply costs, including the impact of inflation and tariffs
- Minimum wage increases and mandated employee benefits that could cause a significant increase in labor costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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