Tue, Jul 9, 8:28 PM (60 days ago)
Kura Sushi USA, Inc. reported a 28.1% increase in sales to $63.1 million for the quarter ended May 31, 2024, driven by 17 new restaurant openings and menu price increases. Comparable restaurant sales rose by 0.6%. However, the company posted a net loss of $558,000, compared to a net income of $1.68 million in the same quarter last year, due to higher operating costs, including labor and depreciation. Operating expenses grew by 34.1%, with labor costs up by 41.9% and depreciation by 58.2%. Cash flow from operations improved to $14.9 million, while cash used in investing activities was $27.3 million, primarily for new restaurant openings. The company remains focused on growth but faces inflationary pressures and softer restaurant sales due to macroeconomic conditions.