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May 31, 2023
Kura Sushi Q3 2023 Earnings Report
Kura Sushi's financial performance improved with increased sales and profitability.
Key Takeaways
Kura Sushi USA, Inc. reported a strong fiscal third quarter with a 30% increase in year-over-year revenue, driven by unit growth and comparable sales trends. The company's G&A leveraging efforts resulted in a 130 basis point improvement over the prior year, contributing to greater profitability.
Total sales increased to $49.2 million from $38.0 million in the third quarter of 2022.
Comparable restaurant sales rose by 10.3% compared to the same quarter last year.
Operating income grew to $1.3 million, up from $0.5 million in the third quarter of 2022.
Net income reached $1.7 million, or $0.16 per diluted share, compared to $0.5 million, or $0.05 per diluted share, in the prior year.
Kura Sushi
Kura Sushi
Forward Guidance
For the full fiscal year 2023, the Company reiterates and updates the following annual guidance:
Positive Outlook
- Total sales between $187 million and $189 million
- General and administrative expenses as a percentage of sales to be between 15.0% and 15.5%
- 9 to 11 new restaurants
- Average net capital expenditures per unit of approximately $2.5 million
- Company’s guidance assumes no material changes in consumer behavior or broader macroeconomic trends.