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Kura Sushi USA Inc. (KRUS+2.07%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports sales of $64.5 million, an increase from $51.5 million in the same period the previous year. This growth is attributed to the opening of sixteen new restaurants and increases in menu prices.
Food and beverage costs rose to $18.7 million from $15.4 million, primarily due to the new restaurant openings. As a percentage of sales, these costs decreased slightly due to menu price increases.
Labor and related costs increased to $21.2 million from $16.4 million, driven by additional labor costs for new restaurants and increased wage rates.
Occupancy and related expenses were $4.8 million, up from $3.9 million, due to lease expenses for the new restaurants. As a percentage of sales, these expenses decreased slightly.
Depreciation and amortization expenses rose to $3.1 million from $2.5 million, reflecting costs associated with new restaurant openings.
General and administrative expenses were $8.7 million, a slight increase from $8.6 million, primarily due to compensation-related costs.
The company reported an operating loss of $1.5 million, an improvement from a loss of $2.8 million in the previous year.
Net loss for the quarter was $961,000, compared to a net loss of $2.0 million in the prior year.
Cash provided by operating activities was $4.4 million, while cash used in investing activities was $12.5 million, primarily for property and equipment purchases.
Cash from financing activities was $64.8 million, largely due to proceeds from a public offering of common stock.
Kura Sushi USA Inc. plans to open a total of 14 new restaurants in fiscal year 2025, expecting increased revenue and operating costs.
The filing includes details on related party transactions with Kura Japan, stock-based compensation, and legal proceedings.
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. quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.