Kura Sushi USA Announces Fiscal First Quarter 2025 Financial Results
Kura Sushi USA reported fiscal Q1 2025 results with total sales of $64.5 million, up from $51.5 million in Q1 2024. The company achieved a 1.8% increase in comparable restaurant sales and reduced its net loss to $1.0 million ($(0.08) per share) from $2.0 million ($(0.18) per share) year-over-year.
The company's restaurant-level operating profit reached $11.7 million (18.2% of sales), while Adjusted EBITDA improved to $3.6 million. During Q1, Kura Sushi opened six new restaurants and completed a public offering of 800,328 shares at $85.00 per share, raising net proceeds of approximately $64.4 million.
For fiscal 2025, the company maintains its guidance of total sales between $275-279 million and plans to open 14 new restaurants, maintaining over 20% annual unit growth rate.
Kura Sushi USA ha riportato i risultati del primo trimestre fiscale 2025 con vendite totali di 64,5 milioni di dollari, in aumento rispetto ai 51,5 milioni di dollari del primo trimestre 2024. L'azienda ha registrato un aumento dell'1,8% nelle vendite dei ristoranti comparabili e ha ridotto la sua perdita netta a 1,0 milione di dollari ($(0,08) per azione) dai 2,0 milioni di dollari ($(0,18) per azione) dell'anno precedente.
Il profitto operativo a livello di ristorante dell'azienda ha raggiunto 11,7 milioni di dollari (18,2% delle vendite), mentre l'EBITDA rettificato è migliorato a 3,6 milioni di dollari. Durante il primo trimestre, Kura Sushi ha aperto sei nuovi ristoranti e ha completato un'offerta pubblica di 800.328 azioni a 85,00 dollari per azione, raccogliendo proventi netti di circa 64,4 milioni di dollari.
Per l'anno fiscale 2025, l'azienda mantiene la sua previsione di vendite totali comprese tra 275 e 279 milioni di dollari e prevede di aprire 14 nuovi ristoranti, mantenendo un tasso di crescita annuale delle unità superiore al 20%.
Kura Sushi USA informó los resultados del primer trimestre fiscal 2025 con ventas totales de 64,5 millones de dólares, en comparación con los 51,5 millones de dólares del primer trimestre 2024. La compañía logró un aumento del 1,8% en las ventas de restaurantes comparables y redujo su pérdida neta a 1,0 millón de dólares ($(0,08) por acción) desde los 2,0 millones de dólares ($(0,18) por acción) interanualmente.
El beneficio operativo a nivel de restaurante de la compañía alcanzó 11,7 millones de dólares (18,2% de las ventas), mientras que el EBITDA ajustado mejoró a 3,6 millones de dólares. Durante el primer trimestre, Kura Sushi abrió seis nuevos restaurantes y completó una oferta pública de 800,328 acciones a 85,00 dólares por acción, recaudando ingresos netos de aproximadamente 64,4 millones de dólares.
Para el año fiscal 2025, la compañía mantiene su guía de ventas totales entre 275 y 279 millones de dólares y planea abrir 14 nuevos restaurantes, manteniendo una tasa de crecimiento anual de unidades superior al 20%.
쿠라 스시 USA는 2025 회계 연도 1분기 결과를 보고하면서 총 판매액이 6450만 달러에 달하며, 2024 회계 연도 1분기 5150만 달러에서 증가했다고 전했습니다. 회사는 비교 가능한 레스토랑 판매에서 1.8% 증가를 달성했으며, 연간 기준으로 순손실을 100만 달러 ($(0.08) 주당)으로 줄였고 이전에는 200만 달러 ($(0.18) 주당)였습니다.
회사의 레스토랑 수준 운영 수익은 1170만 달러 (판매의 18.2%)에 달했으며, 조정된 EBITDA는 360만 달러로 개선되었습니다. 1분기 동안 쿠라 스시는 6개의 새로운 레스토랑을 열고 85.00 달러에 800,328주의 공모를 완료하여 약 6440만 달러의 순수익을 올렸습니다.
2025 회계 연도에 대해 회사는 총 판매액을 2억 7500만 달러에서 2억 7900만 달러 사이로 유지하고 14개의 새로운 레스토랑을 열 계획이며, 연간 유닛 성장률 20% 이상을 유지할 예정입니다.
Kura Sushi USA a rapporté les résultats du premier trimestre fiscal 2025 avec un chiffre d'affaires total de 64,5 millions de dollars, en hausse par rapport à 51,5 millions de dollars au premier trimestre 2024. La société a enregistré une augmentation de 1,8 % des ventes dans des restaurants comparables et a réduit sa perte nette à 1,0 million de dollars ($(0,08) par action) contre 2,0 millions de dollars ($(0,18) par action) d'une année sur l'autre.
Le bénéfice d'exploitation au niveau des restaurants de la société a atteint 11,7 millions de dollars (18,2 % des ventes), tandis que l'EBITDA ajusté s'est amélioré à 3,6 millions de dollars. Au cours du premier trimestre, Kura Sushi a ouvert six nouveaux restaurants et a complété une offre publique de 800 328 actions à 85,00 dollars par action, levant des produits nets d'environ 64,4 millions de dollars.
Pour l'exercice fiscal 2025, la société maintient ses prévisions de chiffre d'affaires total entre 275 et 279 millions de dollars et prévoit d'ouvrir 14 nouveaux restaurants, maintenant un taux de croissance annuel des unités supérieur à 20 %.
Kura Sushi USA hat die Ergebnisse des ersten Quartals 2025 bekannt gegeben mit Gesamtverkäufen von 64,5 Millionen Dollar, ein Anstieg von 51,5 Millionen Dollar im ersten Quartal 2024. Das Unternehmen erzielte einen Anstieg der vergleichbaren Restaurantverkäufe um 1,8% und verringerte seinen Nettoverlust auf 1,0 Millionen Dollar ($(0,08) pro Aktie) von 2,0 Millionen Dollar ($(0,18) pro Aktie) im Jahresvergleich.
Der operative Gewinn auf Restaurantebene betrug 11,7 Millionen Dollar (18,2% der Verkäufe), während das bereinigte EBITDA auf 3,6 Millionen Dollar anstieg. Im ersten Quartal eröffnete Kura Sushi sechs neue Restaurants und schloss ein öffentliches Angebot von 800.328 Aktien zu je 85,00 Dollar ab, wodurch ein Nettoprofit von etwa 64,4 Millionen Dollar erzielt wurde.
Für das Geschäftsjahr 2025 hält das Unternehmen an seiner Prognose von Gesamtverkäufen zwischen 275 und 279 Millionen Dollar fest und plant, 14 neue Restaurants zu eröffnen, wobei eine jährliche Wachstumsrate von über 20% angestrebt wird.
- Total sales increased 25.2% YoY to $64.5 million
- Comparable restaurant sales grew 1.8%
- Operating loss reduced by 46.4% to $1.5 million
- Net loss per share improved from $(0.18) to $(0.08)
- Food and beverage costs decreased to 29.0% from 29.8%
- Successfully raised $64.4 million through public offering
- Opened six new restaurants in Q1
- Labor costs increased to 32.9% from 31.9%
- Still operating at a net loss of $1.0 million
- Restaurant-level operating profit margin decreased to 18.2% from 19.5%
Insights
The Q1 FY2025 results demonstrate meaningful progress in Kura Sushi's financial performance. Total sales grew by
The
The ambitious expansion continues with 6 new locations opened in Q1, maintaining over
Kura Sushi's technology-enabled restaurant concept is proving resilient in a challenging consumer environment. The successful execution of new restaurant openings across diverse markets (Oregon, Washington, Maryland, New Jersey, California and Indiana) demonstrates strong geographic expansion potential. The
The return to positive comparable sales suggests improving consumer acceptance and brand strength. The company's ability to maintain margins while expanding rapidly indicates operational scalability. The
IRVINE, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today announced financial results for the fiscal first quarter ended November 30, 2024.
Fiscal First Quarter 2025 Highlights
- Total sales were
$64.5 million , compared to$51.5 million in the first quarter of 2024; - Comparable restaurant sales increased
1.8% for the first quarter of 2025 as compared to the first quarter of 2024; - Operating loss was
$1.5 million , compared to an operating loss of$2.8 million in the first quarter of 2024; - Net loss was
$1.0 million , or$(0.08) per diluted share, compared to net loss of$2.0 million , or$(0.18) per diluted share, in the first quarter of 2024 - Restaurant-level operating profit* was
$11.7 million , or18.2% of sales; - Adjusted EBITDA* was
$3.6 million ; and - Six new restaurants opened during the fiscal first quarter of 2025.
*Restaurant-level operating profit and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release. See also “Non-GAAP Financial Measures” below.
Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “Our fiscal year is off to an excellent start, and we’re very encouraged to see that our comps have returned to positive territory. Our new openings are exceeding expectations and have us even more excited about Kura’s ultimate opportunity in the U.S. Adjusted EBITDA margins have achieved an all-time high for a fiscal first quarter, thanks to companywide efforts to control costs. We’re off to a great start, and I’m extremely excited for another banner year at Kura Sushi.”
Follow-on Offering of Common Stock
During the first quarter of 2025, the Company completed an underwritten public offering of 800,328 shares of its Class A common stock at a public offering price of
Review of Fiscal First Quarter 2025 Financial Results
Total sales were
Food and beverage costs as a percentage of sales were
Labor and related costs as a percentage of sales were
Occupancy and related expenses were
Other costs as a percentage of sales were flat at
General and administrative expenses were
Operating loss was
Income tax expense was
Net loss was
Restaurant-level operating profit* was
Adjusted EBITDA* was
Restaurant Development
During the fiscal first quarter of 2025, the Company opened six new restaurants in Beaverton, Oregon; Tacoma, Washington; Rockville, Maryland; Cherry Hill, New Jersey; Bakersfield, California; and Fishers, Indiana.
Fiscal Year 2025 Outlook
For the full fiscal year of 2025, the Company reiterates the following annual guidance:
- Total sales between
$275 million and$279 million ; - 14 new restaurants, maintaining an annual unit growth rate above
20% , with average net capital expenditures per unit of approximately$2.5 million ; and - General and administrative expenses as a percentage of sales to be approximately
13.5% .
Conference Call
A conference call and webcast to discuss Kura Sushi’s financial results is scheduled for 5:00 p.m. EDT today. Hosting the conference call and webcast will be Hajime “Jimmy” Uba, President and Chief Executive Officer, Jeff Uttz, Chief Financial Officer, and Benjamin Porten, SVP Investor Relations & System Development.
Interested parties may listen to the conference call via telephone by dialing 201-689-8471. A telephone replay will be available shortly after the call has concluded and can be accessed by dialing 412-317-6671; the passcode is 13750764. The webcast will be available at www.kurasushi.com under the investor relations section and will be archived on the site shortly after the call has concluded.
About Kura Sushi USA, Inc.
Kura Sushi USA, Inc. is a leading technology-enabled Japanese restaurant concept with 70 locations across 20 states and Washington DC. The Company offers guests a distinctive dining experience built on authentic Japanese cuisine and an engaging revolving sushi service model. Kura Sushi USA, Inc. was established in 2008 as a subsidiary of Kura Sushi, Inc., a Japan-based revolving sushi chain with more than 650 restaurants internationally and 45 years of brand history. For more information, please visit www.kurasushi.com.
Key Financial Definitions
EBITDA, a non-GAAP measure, is defined as net income (loss) before interest, income taxes and depreciation and amortization expenses.
Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA plus stock-based compensation expense, non-cash lease expense and asset disposals, closure costs and restaurant impairments, as well as certain items, such as litigation expenses that the Company believes are not indicative of its core operating results. Adjusted EBITDA margin is defined as adjusted EBITDA divided by sales.
Restaurant-level Operating Profit (Loss), a non-GAAP measure, is defined as operating income (loss) plus depreciation and amortization expenses; stock-based compensation expense; pre-opening costs and general and administrative expenses which are considered normal, recurring, cash operating expenses and are essential to supporting the development and operations of restaurants; non-cash lease expense; and asset disposals, closure costs and restaurant impairments; less corporate-level stock-based compensation expense recognized within general and administrative expenses. Restaurant-level operating profit (loss) margin is defined as restaurant-level operating profit (loss) divided by sales.
Comparable Restaurant Sales Performance refers to the change in year-over-year sales for the comparable restaurant base. The Company includes restaurants in the comparable restaurant base that have been in operation for at least 18 full calendar months prior to the start of the accounting period presented due to new restaurants experiencing a period of higher sales upon opening. For restaurants that were temporarily closed for consecutive days, which primarily occur during renovations, the comparative period was also adjusted. Performance in comparable restaurant sales represents the percent change in sales from the same period in the prior year for the comparable restaurant base.
Non-GAAP Financial Measures
To supplement the financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain financial measures, such as adjusted net income (loss), EBITDA, adjusted EBITDA, adjusted EBITDA margin, restaurant-level operating profit (loss) and restaurant-level operating profit (loss) margin (“non-GAAP measures”) that are not recognized under GAAP. These non-GAAP measures are intended as supplemental measures of its performance that are neither required by, nor presented in accordance with, GAAP. The Company is presenting these non-GAAP measures because the Company believes that they provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and operating results. These measures also may not provide a complete understanding of the operating results of the Company as a whole and such measures should be reviewed in conjunction with its GAAP financial results. Additionally, the Company presents restaurant-level operating profit (loss) because it excludes the impact of general and administrative expenses which are not incurred at the restaurant-level. The Company also uses restaurant-level operating profit (loss) to measure operating performance and returns from opening new restaurants.
The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that restaurant-level operating profit (loss) and restaurant-level operating profit (loss) margin are financial measures which are not indicative of overall results for the Company, and restaurant-level operating profit (loss) and restaurant-level operating profit (loss) margin do not accrue directly to the benefit of stockholders because of corporate-level and certain other expenses excluded from such measures. In addition, you should be aware when evaluating these non-GAAP financial measures that in the future the Company may incur expenses similar to those excluded when calculating these measures. The Company’s presentation of these measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. The Company’s computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate these non-GAAP financial measures in the same fashion. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company compensates for these limitations by relying primarily on its GAAP results and using these non-GAAP financial measures on a supplemental basis.
Forward-Looking Statements
Except for historical information contained herein, the statements in this press release or otherwise made by the Company’s management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “target,” “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “continue,” “predict,” “potential,” “plan,” “anticipate” or the negative of these terms, and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include but are not limited to: the Company’s ability to successfully maintain increases in our comparable restaurant sales; the Company’s ability to successfully execute our growth strategy and open new restaurants that are profitable; the Company’s ability to expand in existing and new markets; the Company’s projected growth in the number of its restaurants; macroeconomic conditions and other economic factors; the Company’s ability to compete with many other restaurants; the Company’s reliance on vendors, suppliers and distributors, including its majority stockholder Kura Sushi, Inc.; changes in food and supply costs, including the impact of inflation and tariffs; concerns regarding food safety and foodborne illness; changes in consumer preferences and the level of acceptance of the Company’s restaurant concept in new markets; minimum wage increases and mandated employee benefits that could cause a significant increase in labor costs, as well as the impact of labor availability; the failure of the Company’s automated equipment or information technology systems or the breach of its network security; the loss of key members of the Company’s management team; the impact of governmental laws and regulations; volatility in the price of the Company’s common stock; and other risks and uncertainties as described in the Company’s filings with the Securities and Exchange Commission (“SEC”). These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s other filings with the SEC. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements, except as may be required by applicable law.
Investor Relations Contact:
Jeff Priester or Steven Boediarto
(657) 333-4010
investor@kurausa.com
| Kura Sushi USA, Inc. Statements of Operations and Comprehensive Loss (in thousands, except per share amounts; unaudited) | |||||||||
| Three months ended November 30, | |||||||||
| 2024 | 2023 | ||||||||
| Sales | $ | 64,456 | $ | 51,475 | |||||
| Restaurant operating costs: | |||||||||
| Food and beverage costs | 18,667 | 15,365 | |||||||
| Labor and related costs | 21,235 | 16,410 | |||||||
| Occupancy and related expenses | 4,754 | 3,908 | |||||||
| Depreciation and amortization expenses | 3,091 | 2,476 | |||||||
| Other costs | 9,341 | 7,444 | |||||||
| Total restaurant operating costs | 57,088 | 45,603 | |||||||
| General and administrative expenses | 8,733 | 8,609 | |||||||
| Depreciation and amortization expenses | 109 | 104 | |||||||
| Total operating expenses | 65,930 | 54,316 | |||||||
| Operating loss | (1,474 | ) | (2,841 | ) | |||||
| Other expense (income): | |||||||||
| Interest expense | 13 | 8 | |||||||
| Interest income | (565 | ) | (840 | ) | |||||
| Loss before income taxes | (922 | ) | (2,009 | ) | |||||
| Income tax expense | 39 | 38 | |||||||
| Net loss | $ | (961 | ) | $ | (2,047 | ) | |||
| Net loss income per Class A and Class B shares | |||||||||
| Basic | $ | (0.08 | ) | $ | (0.18 | ) | |||
| Diluted | $ | (0.08 | ) | $ | (0.18 | ) | |||
| Weighted average Class A and Class B shares outstanding | |||||||||
| Basic | 11,416 | 11,150 | |||||||
| Diluted | 11,416 | 11,150 | |||||||
| Other comprehensive income (loss): | |||||||||
| Unrealized gain on short-term investments | $ | — | $ | 3 | |||||
| Comprehensive loss | $ | (961 | ) | $ | (2,044 | ) | |||
| Kura Sushi USA, Inc. Selected Balance Sheet Data and Selected Operating Data (in thousands, except restaurants and percentages; unaudited) | |||||||||
| November 30, 2024 | August 31, 2024 | ||||||||
| Selected Balance Sheet Data: | |||||||||
| Cash and cash equivalents | $ | 107,677 | $ | 50,986 | |||||
| Total assets | $ | 403,769 | $ | 328,522 | |||||
| Total liabilities | $ | 176,192 | $ | 165,984 | |||||
| Total stockholders’ equity | $ | 227,577 | $ | 162,538 | |||||
| Three months ended November 30, | |||||||||
| 2024 | 2023 | ||||||||
| Selected Operating Data: | |||||||||
| Restaurants at the end of period | 70 | 54 | |||||||
| Comparable restaurant sales performance | 1.8 | % | 3.8 | % | |||||
| EBITDA | $ | 1,726 | $ | (261 | ) | ||||
| Adjusted EBITDA | $ | 3,572 | $ | 1,767 | |||||
| Adjusted EBITDA margin | 5.5 | % | 3.4 | % | |||||
| Operating loss | $ | (1,474 | ) | $ | (2,841 | ) | |||
| Operating loss margin | (2.3 | )% | (5.5 | )% | |||||
| Restaurant-level operating profit | $ | 11,714 | $ | 10,061 | |||||
| Restaurant-level operating profit margin | 18.2 | % | 19.5 | % | |||||
| Kura Sushi USA, Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (in thousands; unaudited) | |||||||||
| Three months ended November 30, | |||||||||
| 2024 | 2023 | ||||||||
| Net loss | $ | (961 | ) | $ | (2,047 | ) | |||
| Interest income, net | (552 | ) | (832 | ) | |||||
| Income tax expense | 39 | 38 | |||||||
| Depreciation and amortization expenses | 3,200 | 2,580 | |||||||
| EBITDA | 1,726 | (261 | ) | ||||||
| Stock-based compensation expense(1) | 1,126 | 1,006 | |||||||
| Non-cash lease expense(2) | 720 | 817 | |||||||
| Litigation(3) | — | 205 | |||||||
| Adjusted EBITDA | $ | 3,572 | $ | 1,767 | |||||
| Kura Sushi USA, Inc. Reconciliation of Operating Loss to Restaurant-level Operating Profit (in thousands; unaudited) | |||||||||
| Three months ended November 30, | |||||||||
| 2024 | 2023 | ||||||||
| Operating loss | $ | (1,474 | ) | $ | (2,841 | ) | |||
| Depreciation and amortization expenses | 3,200 | 2,580 | |||||||
| Stock-based compensation expense(1) | 1,126 | 1,006 | |||||||
| Pre-opening costs(4) | 356 | 749 | |||||||
| Non-cash lease expense(2) | 720 | 817 | |||||||
| General and administrative expenses | 8,733 | 8,609 | |||||||
| Corporate-level stock-based compensation included in general and administrative expenses | (947 | ) | (859 | ) | |||||
| Restaurant-level operating profit | $ | 11,714 | $ | 10,061 | |||||
| ________________ | ||
| (1) | Stock-based compensation expense includes non-cash stock-based compensation, which is comprised of restaurant-level stock-based compensation included in labor and related costs and corporate-level stock-based compensation included in general and administrative expenses in the statements of operations and comprehensive loss. | |
| (2) | Non-cash lease expense includes lease expense from the date of possession of restaurants that did not require cash outlay in the respective periods. | |
| (3) | Litigation includes expenses related to legal claims or settlements. | |
| (4) | Pre-opening costs consist of labor costs and travel expenses for new employees and trainers during the training period, recruitment fees, legal fees, cash-based lease expenses incurred between the date of possession and opening day of restaurants, and other related pre-opening costs. | |
FAQ
What was Kura Sushi's (KRUS) revenue growth in Q1 2025?
How many new restaurants did KRUS open in Q1 2025?
What is KRUS's revenue guidance for fiscal year 2025?
How much did KRUS raise in their Q1 2025 public offering?
What was KRUS's comparable restaurant sales growth in Q1 2025?
