Kura Sushi Q3 Sales Smashes Estimate - Kura Sushi USA (NASDAQ:KRUS)

Kura Sushi USA, Inc. KRUS reported third-quarter sales growth of 557% year-on-year to $18.47 million, beating the consensus of $15.49 million.
Comparable restaurant sales increased 456% for the quarter.
Food and beverage costs as a percentage of sales declined to 31.7%, primarily due to lower inventory spoilage.
The operating margin for the quarter was 4.7%, with an operating income of $0.87 million.
The company reported an adjusted EBITDA loss of $(2.6) million. Restaurant-level operating profit was $1.1 million.
Adjusted loss per share of $(0.54), matched the consensus for a loss of $(0.54).
Cash and equivalents totaled $4.7 million as of May 31, 2021.
"Fiscal 2021 has been our busiest, and possibly our most productive development year ever as we successfully opened seven new restaurants and entered five new markets,” said CEO Hajime Uba.
As of May 31 2021, the company had all 31 of its restaurants open with indoor dining capacities of 50% to 100%, depending on local requirements.
Price action: KRUS shares closed higher by 1.05% at $38.58 on Tuesday.