SCOTTSDALE Ariz. Kona Grill Inc., parent to the 20-unit upscale-casual and sushi bar chain, said cost controls and increased revenue would lead to better-than-expected first-quarter results.
The company said Monday it anticipated a loss of between $1.1 million and $1.3 million for the quarter ended March 31, or between 17 cents and 21 cents per share. The estimated loss is smaller than previous company expectations for a loss between $1.4 million and $1.9 million, or between 22 cents and 29 cents per share. In the first quarter a year ago, Kona booked a net loss of $673,000, or 10 cents per share.
The company said its first-quarter revenue rose 7.5 percent to $19.5 million, driven by the openings of four new restaurants since June 2008. Same-store sales fell 9.6 percent for the quarter.
“Our updated guidance reflects higher sales during the first quarter than we had originally forecasted,” said Marcus E. Jundt, chief executive and president of Kona. “Additionally, we were able to successfully control operating costs, which translated into additional bottom line savings.”
Kona Grill will release full first-quarter results on April 29.
Contact Ron Ruggless at [email protected].
