Kura Sushi reports preliminary Q3 revenue $63.1M, consensus $65.39M

Reports preliminary Q3 comparable restaurant sales up 0.6%. Reports preliminary Q3 restaurant-level operating profit 20% of sales. 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.”