Kura Sushi USA, Inc. has announced its preliminary unaudited financial results for the fiscal third quarter of 2024. The company expects total sales to be approximately $63.1 million. In comparison to the third quarter of 2023, comparable restaurant sales are projected to have increased by about 0.6%. The restaurant-level operating profit is anticipated to be around 20% of sales.
While the company's financial results for the fiscal third quarter did not meet expectations, President and CEO Hajime Uba highlighted the efforts to control costs, maintaining restaurant-level operating profit margins of approximately 20%, despite unanticipated softness in the California market. Additionally, 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 to the full fiscal year of 2024, Kura Sushi now expects total sales to fall between $235 million and $237 million.
The company has also scheduled 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.
Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept with 63 locations across 17 states and Washington DC, offering an engaging revolving sushi service model. Established in 2008 as a subsidiary of Kura Sushi, Inc., the company is part of a Japan-based revolving sushi chain with over 550 restaurants and 40 years of brand history. Today the company's shares have moved -1.7% to a price of $82.39. For more information, read the company's full 8-K submission here.
