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Feb 29, 2024
Kura Sushi Q2 2024 Earnings Report
Kura Sushi's financial performance showed growth in total sales and comparable restaurant sales, while operating and net losses persisted, and the company opened five new restaurants.
Key Takeaways
Kura Sushi USA announced its fiscal second quarter 2024 financial results, highlighting a 3.0% increase in comparable restaurant sales and total sales of $57.3 million compared to $43.9 million in the same quarter of the previous year. The company reported an operating loss of $1.7 million and a net loss of $1.0 million, or $(0.09) per diluted share. Five new restaurants were opened during the quarter, and the company raised its revenue guidance for the fiscal year.
Total sales increased to $57.3 million from $43.9 million in Q2 2023.
Comparable restaurant sales rose by 3.0% compared to Q2 2023.
Operating loss was $1.7 million, slightly higher than the $1.0 million loss in Q2 2023.
Five new restaurants were opened during the quarter.
Kura Sushi
Kura Sushi
Forward Guidance
For the full fiscal year 2024, the Company reiterates and updates the following annual guidance: Total sales between $243 million and $246 million; 13 to 14 new restaurants, with average net capital expenditures per unit of approximately $2.5 million; and General and administrative expenses as a percentage of sales to be between 14.0% and 14.5%.
Positive Outlook
- Total sales between $243 million and $246 million
- 13 to 14 new restaurants openings
- Average net capital expenditures per unit of approximately $2.5 million
- General and administrative expenses as a percentage of sales to be between 14.0% and 14.5%