Kura Sushi USA Announces Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results
Kura Sushi USA reported mixed fiscal Q4 2024 results with total sales of $66.0 million, up from $54.9 million in Q4 2023. However, comparable restaurant sales decreased 3.1%. The company reported a net loss of $5.2 million, or $(0.46) per share, compared to net income of $2.9 million last year. Restaurant-level operating profit was $13.8 million (20.9% of sales). For fiscal year 2024, total sales reached $237.9 million with a 0.7% increase in comparable sales. The company opened one new restaurant in Q4 and provided FY2025 guidance of $275-279 million in sales with plans to open 14 new restaurants.
Kura Sushi USA ha riportato risultati misti per il quarto trimestre fiscale 2024, con vendite totali di 66,0 milioni di dollari, in aumento rispetto ai 54,9 milioni di dollari del quarto trimestre 2023. Tuttavia, le vendite dei ristoranti comparabili sono diminuite del 3,1%. L'azienda ha registrato una perdita netta di 5,2 milioni di dollari, ovvero $(0,46) per azione, rispetto a un utile netto di 2,9 milioni di dollari dell'anno scorso. L'utile operativo a livello di ristorante è stato di 13,8 milioni di dollari (20,9% delle vendite). Per l'anno fiscale 2024, le vendite totali hanno raggiunto i 237,9 milioni di dollari con un aumento dello 0,7% nelle vendite comparabili. L'azienda ha aperto un nuovo ristorante nel quarto trimestre e ha fornito una previsione per l'anno fiscale 2025 di vendite comprese tra 275 e 279 milioni di dollari, con piani per aprire 14 nuovi ristoranti.
Kura Sushi USA informó resultados mixtos para el cuarto trimestre fiscal 2024, con ventas totales de 66,0 millones de dólares, un aumento respecto a los 54,9 millones de dólares en el cuarto trimestre de 2023. Sin embargo, las ventas de restaurantes comparables disminuyeron un 3,1%. La compañía reportó una pérdida neta de 5,2 millones de dólares, o $(0,46) por acción, en comparación con una ganancia neta de 2,9 millones de dólares el año pasado. El beneficio operativo a nivel de restaurante fue de 13,8 millones de dólares (20,9% de las ventas). Para el año fiscal 2024, las ventas totales alcanzaron los 237,9 millones de dólares con un aumento del 0,7% en ventas comparables. La compañía abrió un nuevo restaurante en el cuarto trimestre y proporcionó una guía para el año fiscal 2025 de ventas entre 275 y 279 millones de dólares, con planes de abrir 14 nuevos restaurantes.
Kura Sushi USA는 2024 회계연도 4분기 혼합 실적을 보고했으며, 총 매출 6,600만 달러로 2023 회계연도 4분기 5,490만 달러에서 증가했습니다. 그러나 비교 가능한 레스토랑 매출은 3.1% 감소했습니다. 회사는 5.2백만 달러의 순손실, 즉 주당 $(0.46)의 손실을 기록했으며, 지난해 2.9백만 달러의 순이익과 비교됩니다. 레스토랑 차원의 운영이익은 1,380만 달러(매출의 20.9%)였습니다. 2024 회계연도 총 매출은 2억 3,790만 달러로 비교 가능한 매출이 0.7% 증가했습니다. 회사는 4분기에 한 개의 새로운 레스토랑을 열었으며 2025 회계연도에 대한 판매 목표로 2억 7,500만에서 2억 7,900만 달러를 제시하였고 14개의 새로운 레스토랑을 열 계획입니다.
Kura Sushi USA a rapporté des résultats mitigés pour le quatrième trimestre fiscal 2024, avec des ventes totales de 66,0 millions de dollars, en hausse par rapport à 54,9 millions de dollars au quatrième trimestre 2023. Cependant, les ventes des restaurants comparables ont diminué de 3,1 %. L'entreprise a déclaré une perte nette de 5,2 millions de dollars, soit $(0,46) par action, par rapport à un bénéfice net de 2,9 millions de dollars l'année dernière. Le bénéfice d'exploitation au niveau des restaurants s'élevait à 13,8 millions de dollars (20,9 % des ventes). Pour l'exercice 2024, les ventes totales ont atteint 237,9 millions de dollars avec une augmentation de 0,7 % des ventes comparables. L'entreprise a ouvert un nouveau restaurant au quatrième trimestre et a fourni une prévision pour l'exercice 2025 d'un chiffre d'affaires compris entre 275 et 279 millions de dollars, avec des plans d'ouverture de 14 nouveaux restaurants.
Kura Sushi USA berichtete über gemischte Ergebnisse für das fiskalische 4. Quartal 2024, mit Gesamtverkäufen von 66,0 Millionen Dollar, ein Anstieg von 54,9 Millionen Dollar im 4. Quartal 2023. Die vergleichbaren Restaurantverkäufe gingen jedoch um 3,1% zurück. Das Unternehmen berichtete von einem Nettoverlust von 5,2 Millionen Dollar, oder $(0,46) pro Aktie, im Vergleich zu einem Nettogewinn von 2,9 Millionen Dollar im letzten Jahr. Der operative Gewinn auf Restaurantebene betrug 13,8 Millionen Dollar (20,9% des Umsatzes). Für das fiskalische Jahr 2024 erreichten die Gesamtverkäufe 237,9 Millionen Dollar mit einem Anstieg von 0,7% bei den vergleichbaren Verkäufen. Das Unternehmen eröffnete im 4. Quartal ein neues Restaurant und gab eine Prognose für das Geschäftsjahr 2025 mit einem Umsatz von 275-279 Millionen Dollar ab und plant die Eröffnung von 14 neuen Restaurants.
- Total sales increased 20.2% YoY to $66.0 million in Q4 2024
- Restaurant-level operating profit reached $13.8 million (20.9% of sales)
- Food and beverage costs improved to 28.5% from 29.5% YoY
- FY2024 total sales grew 27% to $237.9 million
- Achieved over 20% unit growth target
- Comparable restaurant sales declined 3.1% in Q4 2024
- Operating loss of $5.8 million vs. income of $2.2 million in Q4 2023
- Net loss of $5.2 million vs. profit of $2.9 million in Q4 2023
- Labor costs increased to 31.1% from 28.8% of sales
- G&A expenses rose significantly to 20.3% of sales from 13.2%
- $1.6 million impairment charge for underperforming restaurant
Insights
The Q4 2024 results reveal concerning trends for Kura Sushi. Despite
Key concerns include rising labor costs (
While restaurant-level operating profit margins remain solid at
The restaurant expansion strategy warrants scrutiny given current performance metrics. While maintaining a
Labor inflation and operational inefficiencies are pressuring margins, evidenced by the
IRVINE, Calif., Nov. 06, 2024 (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 fourth quarter and fiscal year ended August 31, 2024.
Fiscal Fourth Quarter 2024 Highlights
- Total sales were
$66.0 million , compared to$54.9 million in the fourth quarter of 2023; - Comparable restaurant sales decreased
3.1% for the fourth quarter of 2024 as compared to the fourth quarter of 2023; - Operating loss was
$5.8 million , compared to operating income of$2.2 million in the fourth quarter of 2023; - Net loss was
$5.2 million , or$(0.46) per diluted share, compared to net income of$2.9 million , or$0.25 per diluted share, in the fourth quarter of 2023; - Adjusted net income* was
$1.0 million , or$0.09 per diluted share, compared to an adjusted net income of$2.9 million or$0.25 per diluted share, in the fourth quarter of 2023; - Restaurant-level operating profit* was
$13.8 million , or20.9% of sales; - Adjusted EBITDA* was
$5.5 million ; and - One new restaurant opened during the fiscal fourth quarter of 2024.
* Adjusted net income, 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, “In fiscal 2024, we succeeded on our key goals of achieving over
Review of Fiscal Fourth Quarter 2024 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 increased to
General and administrative expenses were
Impairment of long-lived assets were
Operating loss was
Income tax expense was
Net loss was
Adjusted net income* was
Restaurant-level operating profit* was
Adjusted EBITDA* was
Review of Fiscal Year 2024 Financial Results
Total sales were
Operating loss was
Income tax expense was
Net loss was
Adjusted net loss* was
Restaurant-level operating profit* was
Adjusted EBITDA* was
Restaurant Development
During the fiscal fourth quarter of 2024, the Company opened one new restaurant in Lake Grove, New York.
Subsequent to August 31, 2024, the Company opened five new restaurants in Beaverton, Oregon; Tacoma, Washington; Rockville, Maryland; Cherry Hill, New Jersey; and Bakersfield, California.
Fiscal Year 2025 Outlook
- 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 ; - 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. ET 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 13748567. 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 technology-enabled Japanese restaurant concept with 69 locations across 19 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 over 550 restaurants and 40 years of brand history. For more information, please visit www.kurasushi.com.
Key Financial Definitions
Adjusted Net Income (Loss), a non-GAAP measure, is defined as net income (loss) before certain items, such as litigation costs and restaurant impairments, that the Company believes are not indicative of its core operating results. Adjusted net income (loss) per diluted share represents adjusted net income (loss) divided by the number of diluted shares.
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 costs, 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 full calendar 18 months prior to the start of the accounting period presented due to new restaurants experiencing a period of higher sales upon opening, including those temporarily closed for renovations during the year. For restaurants that were temporarily closed for renovations during the year, the Company makes fractional adjustments to sales such that sales are annualized in the associated period. Performance in comparable restaurant sales represents the percent change in sales from the same period in the prior year for the comparable restaurant base.
Average Unit Volumes (“AUVs”) consist of the average annual sales of all restaurants that have been open for 18 full calendar months or longer at the end of the fiscal year presented. AUVs are calculated by dividing (x) annual sales for the fiscal year presented for all such restaurants by (y) the total number of restaurants in that base. The Company makes fractional adjustments to sales for restaurants that were not open for the entire fiscal year presented (e.g., a restaurant is closed for renovation) to annualize sales for such associated period.
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, including rising interest rates, the possibility of a recession and instability in financial markets; 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 Income (Loss) (in thousands, except per share amounts; unaudited) | ||||||||||||||||
| Three months ended August 31, | Twelve months ended August 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Sales | $ | 66,012 | $ | 54,929 | $ | 237,860 | $ | 187,429 | ||||||||
| Restaurant operating costs: | ||||||||||||||||
| Food and beverage costs | 18,818 | 16,191 | 69,509 | 56,631 | ||||||||||||
| Labor and related costs | 20,517 | 15,796 | 75,926 | 56,547 | ||||||||||||
| Occupancy and related expenses | 4,613 | 3,637 | 16,792 | 13,141 | ||||||||||||
| Depreciation and amortization expenses | 3,068 | 2,113 | 11,362 | 7,422 | ||||||||||||
| Other costs | 9,725 | 7,559 | 34,748 | 24,911 | ||||||||||||
| Total restaurant operating costs | 56,741 | 45,296 | 208,337 | 158,652 | ||||||||||||
| General and administrative expenses | 13,416 | 7,259 | 39,050 | 28,035 | ||||||||||||
| Depreciation and amortization expenses | 107 | 145 | 425 | 410 | ||||||||||||
| Impairment of long-lived assets | 1,553 | — | 1,553 | — | ||||||||||||
| Total operating expenses | 71,817 | 52,700 | 249,365 | 187,097 | ||||||||||||
| Operating income (loss) | (5,805 | ) | 2,229 | (11,505 | ) | 332 | ||||||||||
| Other expense (income): | ||||||||||||||||
| Interest expense | 12 | 16 | 47 | 69 | ||||||||||||
| Interest income | (635 | ) | (879 | ) | (2,915 | ) | (1,472 | ) | ||||||||
| Income (loss) before income taxes | (5,182 | ) | 3,092 | (8,637 | ) | 1,735 | ||||||||||
| Income tax expense | 19 | 167 | 167 | 233 | ||||||||||||
| Net income (loss) | $ | (5,201 | ) | $ | 2,925 | $ | (8,804 | ) | $ | 1,502 | ||||||
| Net income (loss) per Class A and Class B shares | ||||||||||||||||
| Basic | $ | (0.46 | ) | $ | 0.26 | $ | (0.79 | ) | $ | 0.15 | ||||||
| Diluted | $ | (0.46 | ) | $ | 0.25 | $ | (0.79 | ) | $ | 0.14 | ||||||
| Weighted average Class A and Class B shares outstanding | ||||||||||||||||
| Basic | 11,247 | 11,126 | 11,204 | 10,305 | ||||||||||||
| Diluted | 11,247 | 11,500 | 11,204 | 10,640 | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Unrealized gain (loss) on short-term investments | $ | — | $ | 50 | $ | (43 | ) | $ | 43 | |||||||
| Comprehensive income (loss) | $ | (5,201 | ) | $ | 2,975 | $ | (8,847 | ) | $ | 1,545 | ||||||
| Kura Sushi USA, Inc. Selected Balance Sheet Data and Selected Operating Data (in thousands, except restaurants and percentages; unaudited) | ||||||||
| August 31, 2024 | August 31, 2023 | |||||||
| Selected Balance Sheet Data: | ||||||||
| Cash and cash equivalents | $ | 50,986 | $ | 69,697 | ||||
| Total assets | $ | 328,522 | $ | 304,659 | ||||
| Total liabilities | $ | 165,984 | $ | 140,018 | ||||
| Total stockholders’ equity | $ | 162,538 | $ | 164,641 | ||||
| Three months ended August 31, | Twelve months ended August 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Selected Operating Data: | ||||||||||||||||
| Restaurants at the end of period | 64 | 50 | 64 | 50 | ||||||||||||
| Average unit volumes | N/A | N/A | $ | 4,228 | $ | 4,281 | ||||||||||
| Comparable restaurant sales performance | (3.1 | )% | 6.5 | % | 0.7 | % | 9.5 | % | ||||||||
| EBITDA | $ | (2,630 | ) | $ | 4,487 | $ | 282 | $ | 8,164 | |||||||
| Adjusted EBITDA | $ | 5,496 | $ | 6,277 | $ | 14,564 | $ | 14,342 | ||||||||
| Adjusted EBITDA margin | 8.3 | % | 11.4 | % | 6.1 | % | 7.7 | % | ||||||||
| Operating income (loss) | $ | (5,805 | ) | $ | 2,229 | $ | (11,505 | ) | $ | 332 | ||||||
| Operating income (loss) margin | (8.8 | )% | 4.1 | % | (4.8 | )% | 0.2 | % | ||||||||
| Restaurant-level operating profit | $ | 13,829 | $ | 13,399 | $ | 47,703 | $ | 41,063 | ||||||||
| Restaurant-level operating profit margin | 20.9 | % | 24.4 | % | 20.1 | % | 21.9 | % | ||||||||
| Kura Sushi USA, Inc. Reconciliation of Net Income (Loss) and Net Income (Loss) Per Diluted Share to Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share (in thousands, except income (loss) per share amounts; unaudited) | ||||||||||||||||
| Three months ended August 31, | Twelve months ended August 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) | $ | (5,201 | ) | $ | 2,925 | $ | (8,804 | ) | $ | 1,502 | ||||||
| Litigation(3) | 4,683 | — | 5,450 | — | ||||||||||||
| Impairment of long-lived assets(5) | 1,553 | — | 1,553 | — | ||||||||||||
| Adjusted net income (loss) | $ | 1,035 | $ | 2,925 | $ | (1,801 | ) | $ | 1,502 | |||||||
| Net income (loss) per Class A and Class B diluted shares | $ | (0.46 | ) | $ | 0.25 | $ | (0.79 | ) | $ | 0.14 | ||||||
| Litigation(3) | 0.41 | — | 0.49 | — | ||||||||||||
| Impairment of long-lived assets(5) | 0.14 | — | 0.14 | — | ||||||||||||
| Adjusted net income (loss) per Class A and Class B diluted shares | $ | 0.09 | $ | 0.25 | $ | (0.16 | ) | $ | 0.14 | |||||||
| Weighted average Class A and Class B shares outstanding | ||||||||||||||||
| Diluted shares | 11,247 | 11,500 | 11,204 | 10,640 | ||||||||||||
| Adjusted diluted shares | 11,501 | 11,500 | 11,204 | 10,640 | ||||||||||||
| Kura Sushi USA, Inc. Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in thousands; unaudited) | ||||||||||||||||
| Three months ended August 31, | Twelve months ended August 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) | $ | (5,201 | ) | $ | 2,925 | $ | (8,804 | ) | $ | 1,502 | ||||||
| Interest income, net | (623 | ) | (863 | ) | (2,868 | ) | (1,403 | ) | ||||||||
| Income tax expense | 19 | 167 | 167 | 233 | ||||||||||||
| Depreciation and amortization expenses | 3,175 | 2,258 | 11,787 | 7,832 | ||||||||||||
| EBITDA | (2,630 | ) | 4,487 | 282 | 8,164 | |||||||||||
| Stock-based compensation expense(1) | 1,145 | 980 | 4,314 | 3,550 | ||||||||||||
| Non-cash lease expense(2) | 745 | 810 | 2,965 | 2,628 | ||||||||||||
| Litigation(3) | 4,683 | — | 5,450 | — | ||||||||||||
| Impairment of long-lived assets(5) | 1,553 | — | 1,553 | — | ||||||||||||
| Adjusted EBITDA | $ | 5,496 | $ | 6,277 | $ | 14,564 | $ | 14,342 | ||||||||
| Kura Sushi USA, Inc. Reconciliation of Operating Income (Loss) to Restaurant-level Operating Profit (in thousands; unaudited) | ||||||||||||||||
| Three months ended August 31, | Twelve months ended August 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating income (loss) | $ | (5,805 | ) | $ | 2,229 | $ | (11,505 | ) | $ | 332 | ||||||
| Depreciation and amortization expenses | 3,175 | 2,258 | 11,787 | 7,832 | ||||||||||||
| Stock-based compensation expense(1) | 1,145 | 980 | 4,314 | 3,550 | ||||||||||||
| Pre-opening costs(4) | 554 | 719 | 3,165 | 1,730 | ||||||||||||
| Non-cash lease expense(2) | 745 | 810 | 2,965 | 2,628 | ||||||||||||
| Impairment of long-lived assets(5) | 1,553 | — | 1,553 | — | ||||||||||||
| General and administrative expenses | 13,416 | 7,259 | 39,050 | 28,035 | ||||||||||||
| Corporate-level stock-based compensation included in general and administrative expenses | (954 | ) | (856 | ) | (3,626 | ) | (3,044 | ) | ||||||||
| Restaurant-level operating profit | $ | 13,829 | $ | 13,399 | $ | 47,703 | $ | 41,063 | ||||||||
| (1) | Stock-based compensation expense includes non-cash stock-based compensation, which is comprised of restaurant-level stock-based compensation included in other costs and corporate-level stock-based compensation included in general and administrative expenses in the statements of operations and comprehensive income (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. |
| (5) | Impairment of long-lived assets includes losses incurred due to the impairment of property and equipment on one underperforming restaurant location. |
FAQ
What was Kura Sushi's (KRUS) Q4 2024 revenue?
Did Kura Sushi (KRUS) report a profit in Q4 2024?
What is Kura Sushi's (KRUS) revenue guidance for fiscal 2025?
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