Kura Sushi USA, Inc. has released its preliminary unaudited financial results for the fiscal third quarter of 2024, and the figures indicate significant changes compared to the same period in 2023.
Total sales for the third quarter of 2024 are expected to be approximately $63.1 million, marking a notable increase from the previous year. Comparable restaurant sales are anticipated to have risen by approximately 0.6% compared to the third quarter of 2023. Additionally, the restaurant-level operating profit is expected to be approximately 20% of sales.
Despite these positive developments, Hajime Uba, president and chief executive officer of Kura Sushi, expressed disappointment in the financial results, attributing the underperformance to unexpected softness in the California market. However, he commended the efforts of the team in controlling costs, which allowed the company to maintain a restaurant-level operating profit margin of approximately 20%.
In terms of expansion, the company opened four new restaurants during the fiscal third quarter of 2024 in Orlando, Florida; Atlanta, Georgia; Scarsdale, New York; and Roseville, California.
Looking ahead, for the full fiscal year of 2024, Kura Sushi now expects total sales to be between $235 million and $237 million, indicating a positive outlook for the remainder of the year.
Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept with 63 locations across 17 states and Washington DC. The company is set to host a conference call and webcast to discuss its fiscal third quarter 2024 financial results on Tuesday, July 9, 2024, at 5:00 p.m. ET.
The company's preliminary unaudited financial results are subject to change pending finalization, and it has not yet completed its quarter-end closing procedures. Interested parties can listen to the conference call via telephone or access the webcast through the company's investor relations section on its website.
As Kura Sushi USA, Inc. continues to navigate through challenges in the California market, the company remains optimistic about its long-term potential and is focused on driving new efficiencies to strengthen its position in the industry. The market has reacted to these announcements by moving the company's shares -1.7% to a price of $82.39. Check out the company's full 8-K submission here.
