Kona Grill Inc., parent to the 25-unit American grill and sushi bar, reported third-quarter revenue rose 7.1 percent and same-store sales were flat, helping it trim losses from the same quarter last year.
For the quarter ended Sept. 30, Kona said two new restaurants from the prior-year period helped it increase sales to $21.6 million, from $20.2 million and trim a net loss to $441,000, from $1 million last year. Per-share loss was 5 cents in the third quarter compared to 11 cents in the quarter last year.
Same-store sales were flat in the quarter, the company said, but improved from the 9.9 percent decrease seen in the same period last year.
“Both top and bottom-line results exceeded the high end of our guidance for the quarter, reflecting stronger same-store sales than we had originally projected,” said Marc Buehler, chief executive of Kona Grill.
“We continue to see positive sales momentum into October as well, and we are confident that we can finish the year strong if current trends continue,” Buehler said.
In guidance for the fourth quarter, the company forecast restaurant sales of $20.6 million to $21.6 million and a net loss of $600,000 to $1.1 million, or 7 to 12 cents a share.
Kona Grill has restaurants in 16 states.
Contact Ron Ruggless at [email protected].
