Softness in the California market was a drag on Kura Sushi USA Inc.’s results for the third quarter, the company said Thursday.
The Irvine, Calif.-based Kura Sushi, which released preliminary unaudited third quarter results, said it expected sales of about $63.1 million and same-store sales to increase 0.6% in the quarter.
Hajime Uba, Kura Sushi’s president and CEO, said in a statement: “The financial results of our fiscal third quarter did not meet our expectations, due largely to unanticipated softness in the California market.”
For fiscal 2024, the company now expects total sales to be between $235 million and $237 million.
The company will discuss fiscal third quarter 2024 financial results during a webcast at 5 p.m. EDT July 9.
During the fiscal third quarter, the company opened four new restaurants in Orlando, Fla; Atlanta; Scarsdale, N.Y.; and Roseville, Calif.
Kura Sushi USA has 63 locations across 17 states and Washington, D.C. The company offers a revolving sushi service model. Kura Sushi USA, founded in in 2008 as a subsidiary of Kura Sushi Inc., a Japan-based revolving sushi chain with over 550 restaurants.
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