Kura Sushi USA, a subsidiary of Japan-based restaurant chain Kura Sushi, has swung to a net loss of $0.55m for the third quarter of fiscal year 2024 versus a net income of $1.68m a year ago.

The company’s net loss per diluted Class A and Class B shares for the quarter ended 31 May 2024 came in at $0.05 while the same was $0.16 a year ago.

Total sales for Kura Sushi USA reached $63.08m, showing an increase from $49.23m in the corresponding quarter of the previous year.

Comparable restaurant sales saw a modest increase of 0.6% in Q3 FY 2024, a stark contrast to the 10.3% surge experienced in Q3 FY 2023.

Operating loss was at $1.16m compared to $1.30m operating income in Q3 FY 2023.  

Adjusted net income stood at a mere $4,000, or $0.00 per diluted share, a drop from $1.68m, or $0.16 per diluted share. 

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Restaurant-level operating profit also saw an increase, reaching $12.60m compared to $11.57m in Q3 FY 2023.  

However, earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined to $2.06m from $3.37m in last year’s Q3.  

Adjusted EBITDA followed a similar downward trend, settling at $4.45m compared to $5.11m in Q3 FY 2023. 

During Q3 FY 2024, Kura Sushi USA expanded its footprint by opening four new restaurants in different locations, including Atlanta, Georgia; Orlando, Florida; Scarsdale, New York; and Roseville, California.  

Kura Sushi USA has maintained its annual guidance for the full fiscal year of 2024, with total sales projected to be between $235m and $237m. 

Kura Sushi president and CEO Hajime Uba said: “We believe current headwinds are macro-driven and transitory, but with the difficulty in predicting the duration of macroeconomic shifts, we believe the most prudent course of action is to position ourselves to be able to continue to deliver strong financial results and uninterrupted progress on core strategic goals of at least 20% annual unit growth, G&A leverage, and operational excellence regardless of broader economic environment.” 

Separately, Kura Sushi USA has appointed Treasa Bowers as an independent board member, effective 9 July. Bowers will also serve on the audit and compensation committee of the board.