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Kura Sushi USA, Inc. has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing includes financial statements for the year, showing an increase in sales to $237,860,000 from $187,429,000 in the previous year. This increase is attributed to the opening of fourteen new restaurants during the fiscal year.
Food and beverage costs increased to $69,509,000 from $56,631,000, while labor and related costs rose to $75,926,000 from $56,547,000. These increases are primarily due to the costs associated with the new restaurant openings.
The company reported an operating loss of $11,505,000, compared to an operating income of $332,000 in the previous year. The loss is attributed to higher general and administrative expenses and impairment charges.
General and administrative expenses increased to $39,050,000 from $28,035,000, primarily due to litigation costs and increased compensation-related expenses.
Kura Sushi USA reported a net loss of $8,804,000 for the fiscal year, compared to a net income of $1,502,000 in the previous year.
The company opened fourteen new restaurants during the fiscal year, bringing the total number of restaurants to 64 across seventeen states and Washington, DC.
Kura Sushi USA continues to focus on expanding its restaurant base, with plans to open 14 new restaurants in the next fiscal year.
The filing also details the company's reliance on its majority stockholder, Kura Sushi, Inc., for certain services and supplies, as well as a revolving credit agreement providing a $45.0 million line of credit.
Kura Sushi USA acknowledges the risks related to inflationary conditions, competition, and reliance on certain vendors and suppliers, as outlined in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kura Sushi USA Inc. annual 10-K report dated November 8, 2024. To report an error, please email earnings@qz.com.