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Feb 28, 2022
Kura Sushi Q2 2022 Earnings Report
Kura Sushi's financial performance improved with increased sales and new restaurant openings.
Key Takeaways
Kura Sushi USA, Inc. reported fiscal second quarter 2022 financial results with a total sales of $31.3 million compared to $9.1 million in the second quarter of 2021. The company's comparable restaurant sales increased 183% compared to the second quarter of 2021 and 11.3% compared to the second quarter of 2020. The company opened three new restaurants during the quarter.
Total sales were $31.3 million, a significant increase from $9.1 million in Q2 2021.
Comparable restaurant sales increased 183% compared to Q2 2021 and 11.3% compared to Q2 2020.
Operating loss was $1.9 million, an improvement from the $3.8 million loss in Q2 2021.
The company opened three new restaurants during the quarter, expanding its restaurant base.
Kura Sushi
Kura Sushi
Forward Guidance
For the full fiscal year 2022, the Company reaffirms the following previously provided annual guidance: Total sales between $130 million and $140 million; General and administrative expenses as a percentage of sales of approximately 17%; and 8 to 10 new restaurants, with average net capital expenditures per unit of approximately $2.1 million.
Positive Outlook
- Total sales between $130 million and $140 million.
- General and administrative expenses as a percentage of sales of approximately 17%.
- 8 to 10 new restaurants are expected to open.
- Average net capital expenditures per unit of approximately $2.1 million.
- Guidance based on recent results and performance in Q3 2022.
Challenges Ahead
- Expectations assume no further operating restrictions from COVID-19.
- Restaurant industry remains highly vulnerable to COVID-related volatility.
- Macroeconomic conditions and other economic factors.
- Changes in consumer preferences and the level of acceptance of our restaurant concept in new markets.
- Volatility in the price of our common stock.