- Kura Sushi USA Inc (NASDAQ:KRUS) reported second-quarter FY22 sales of $31.3 million, compared to $9.1 million a year ago, beating the consensus of $30.36 million.
- Comparable restaurant sales increased 183% for the quarter compared to 2Q21 and increased 11.3% compared to 2Q20.
- Food and beverage costs as a percentage of sales were 30% compared to 35% a year ago. The decrease is due to increased menu prices, partially offset by food cost inflation.
- Labor and related costs as a percentage of sales increased to 33.1% from 22.7% in 2Q21.
- KRUS recorded an operating loss of $(1.9) million for the quarter compared to $(3.8) million a year ago.
- Adjusted EPS was $(0.19), beating the consensus of $(0.21).
- Restaurant-level operating profit was $5.6 million; Adjusted EBITDA was $0.4 million with a margin of 1.2%.
- The company opened three new restaurants during the quarter.
- FY22 Outlook reaffirmed: Kura Sushi expects total sales between $130 million and $140 million.
- It expects General and administrative expenses as a percentage of sales of ~17%; and 8 to 10 new restaurants, with average net capital expenditures per unit of ~$2.1 million.
- Price Action: KRUS shares are trading higher by 4.04% at $61.06 during the postmarket session on Thursday.
