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Kura Sushi USA Announces Preliminary Unaudited Fiscal Third Quarter 2024 Financial Results

IRVINE, Calif., June 27, 2024 (GLOBE NEWSWIRE) --  Kura Sushi USA, Inc. ("Kura Sushi" or the "Company") (NASDAQ:KRUS), a technology-enabled Japanese restaurant concept, today announced preliminary unaudited results for the third quarter of fiscal 2024. Preliminary Unaudited Fiscal Third Quarter 2024 Financial Results The Company is announcing that it now expects to report the following results for the fiscal third quarter of 2024: Total sales are expected to be approximately $63.1 million; Comparable restaurant sales are expected to have increased approximately 0.6% for the third quarter of 2024 as compared to the third quarter of 2023; and Restaurant-level operating profit* is expected to be approximately 20% of sales. * Restaurant-level operating profit is a non-GAAP measure and is defined below under "Key Financial Definitions." See also "Non-GAAP Financial Measures" below. Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, "The financial results of our fiscal third quarter did not meet our expectations, due largely to unanticipated softness in the California market. Despite this, I'm proud of the diligent efforts to control costs by our team members both at our restaurants and support center, allowing us to maintain restaurant-level operating profit margins of approximately 20% and continue to manage our G&A costs even with unexpected sales volumes. While we believe that these sales pressures are transitory and consumer strength will normalize over time, we believe we have positioned the company to be able to deliver strong results regardless of the overall macro environment. We believe the long-term potential of Kura Sushi remains unchanged, and see this as an opportunity to drive new efficiencies, and become a stronger organization than ever as we continue to grow." Restaurant Development During the fiscal third quarter of 2024, the Company opened four new restaurants in Orlando, Florida; Atlanta, Georgia; Scarsdale, New York; and Roseville, California. Fiscal Year 2024 Outlook For the full fiscal year of 2024, the Company now expects total sales to be between $235 million and $237 million. Preliminary Unaudited Financial Information The preliminary financial results set forth in this release are unaudited preliminary numbers which are subject to change. The Company has not completed its quarter end closing procedures and our independent registered public accounting firm has not yet reviewed the results. Further commentary on the Company's actual third quarter financial results will be provided as part of its third quarter earnings release. Accordingly, these preliminary results are subject to change pending finalization, and actual results could differ materially as we finalize such results. Conference Call A conference call and webcast to discuss fiscal third quarter 2024 financial results are scheduled for Tuesday, July 9, 2024 at 5:00 p.m. ET. 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 13746894. The webcast will be available at 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 ...