Kona Grill on Tuesday named Michael A. Nahkunst permanent president and chief executive of the 23-unit grill-sushi chain and also reported a swing to profit in the third quarter.
Nahkunst had served as interim president and CEO of the Scottsdale, Ariz.-based Kona Grill since June, when he replaced Marc Buehler, who was named president of the O’Charley’s brand.
Kona also reported a profit in the third-quarter from a year earlier. The company generated net income of $589,000, or six cents per share, for the quarter ended Sept. 30, compared with a loss of $441,000, or a loss of five cents a share, in the year-ago period.
Restaurant sales in the quarter rose to $23.8 million from $20.6 million a year ago.
Same-store sales in the quarter rose 10.6 percent from a year ago, when same-store sales were flat, the company said. In the second quarter, Kona Grill had reported a same-store sales increase of 9.1 percent.
"During the quarter, we announced the closure of two underperforming restaurants in West Palm Beach, Fla., and Sugar Land, Texas. This officially marked the conclusion of the pruning process related to our restaurant portfolio and will allow us to focus on developing two new locations targeted to open in 2012,” Nahkunst said in a statement.
Prior to joining Kona Grill, Nahkunst served as a principal in Bailiwick Capital Partners as well as chief operating officer of both The Cheesecake Factory and BJ’s Restaurants. He also worked with Brinker International’s Chili’s Grill & Bar.
James R. Jundt, chairman of Kona’s board of directors, said in a statement that “given Michael's executive experience in managing highly successful restaurant operations, particularly emerging, high-growth concepts, he is the ideal candidate to take on this position.”
Kona Grill also said Marcus Jundt is returning to its board, succeeding Douglas Hipskind, who “has left to pursue other interests.” Marcus Jundt served as Kona Grill's president and CEO from July 2006 to May 2009, as chairman of the board from March 2004 to May 2009, and as a director from September 2000 to May 2009.
Kona Grill has units in 16 states.
Contact Ron Ruggless at [email protected].
Follow him on Twitter: @ronruggless
