IRVINE, Calif. - Kura Sushi USA, Inc. (NASDAQ: NASDAQ:KRUS), a technology-enabled Japanese restaurant concept, today announced preliminary unaudited financial results for its fiscal third quarter of 2024. The company expects total sales of approximately $63.1 million, with comparable restaurant sales showing a slight increase of 0.6% compared to the third quarter of the previous year. Despite a challenging Californian market, the company maintained a restaurant-level operating profit margin of around 20%.
During the quarter, Kura Sushi opened four new locations in Orlando, Florida; Atlanta, Georgia; Scarsdale, New York; and Roseville, California. The expansion is part of the company's growth strategy, which now anticipates full fiscal year 2024 sales to be between $235 million and $237 million.
President and Chief Executive Officer Hajime Uba acknowledged the quarter's sales did not meet expectations, attributing it to a softness in the California market. However, he expressed confidence in the company's ability to deliver strong results and emphasized the long-term potential of Kura Sushi. "While we believe that these sales pressures are transitory and consumer strength will normalize over time, we believe we have positioned the company to be able to deliver strong results regardless of the overall macro environment," Uba said.
The preliminary financial results are subject to finalization, with the company's independent registered public accounting firm yet to review the figures. Further details on the third quarter financial results will be provided during the earnings release scheduled for a conference call and webcast on Tuesday, July 9, 2024, at 5:00 p.m. ET.
Kura Sushi USA, which operates 63 locations across 17 states and Washington DC, is a subsidiary of Kura Sushi, Inc., a Japan-based revolving sushi chain. The company prides itself on offering an engaging dining experience with authentic Japanese cuisine.
This news article is based on a press release statement from Kura Sushi USA, Inc. and has not been independently verified. The company's
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