SCOTTSDALE Ariz. Kona Grill Inc., which owns 23 American grill/sushi bar units, said Tuesday it trimmed its third-quarter net loss even as same-store sales fell nearly 10 percent.
For the third quarter ended Sept. 30, Kona Grill posted a net loss of $1 million, or 11 cents per share, which was down from a net loss of $3.9 million, or 49 cents per share, in the same period last year, which included a $3.2 million charge related to a restaurant’s closing.
Third-quarter revenue rose 3.7 percent to $20.2 million from $19.5 million in the same period last year. Kona said the increase in revenue reflected five new restaurants opened since November 2008, including the most recent in Eden Prairie, Minn.
Same-store sales fell 9.9 percent, Kona reported.
“While our industry continues to go through one of the toughest times in recent memory, we are committed to operating our restaurants while remaining focused on our long-term goals," said Mark L. Bartholomay, interim chief executive of Kona Grill. "We are focused on those items we can control, and we expect these efforts will ultimately materialize into top- and bottom-line results as the economy improves.”
In guidance for the current fourth quarter, the company said it anticipates revenue of $20 million to $21 million and a net loss of $1 million to $1.5 million. In the year-ago fourth quarter, Kona recorded revenue of $18.6 million and posted a net loss of $5.4 million, which included $3.2 in impairment charges.
The company said it expected to open a new restaurant in Tampa, Fla., in mid-November and another one next year in Baltimore.
Kona Grill has restaurants in 15 states.
Contact Ron Ruggless at [email protected].
