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Wingstop Inc. Reports Fiscal Second Quarter Financial Results
Jul 28, 2022, 08:01 ET
Delivers Unit Growth of 14.4% and Reiterates Full Year Financial Outlook
DALLAS, July 28, 2022 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal second quarter ended June 25, 2022.
Highlights for the fiscal second quarter 2022 compared to the fiscal second quarter 2021:
System-wide sales increased 7.5% to $633.6 million
67 net new openings in the fiscal second quarter 2022
Domestic same-store sales decreased 3.3%
Three-year domestic same-store sales increased 30.7%
Domestic restaurant AUV of $1.6 million
Digital sales of 60.5% of sales
Total revenue increased 13.2% to $83.8 million
Net income increased 17.6% to $13.3 million, or $0.44 per diluted share, compared to net income of $11.3 million, or $0.38 per diluted share in the prior fiscal second quarter. Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 20.1% to $13.6 million, or $0.45 per diluted share, compared to $11.3 million, or $0.38 per diluted share in the prior fiscal second quarter
Adjusted EBITDA, a non-GAAP measure, increased 3.4% to $23.7 million, compared to adjusted EBITDA of $22.9 million in the prior fiscal second quarter.
Adjusted EBITDA, adjusted net income, adjusted earnings per diluted share, and cost of sales excluding pre-opening expenses are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, adjusted earnings per diluted share, and cost of sales excluding pre-opening expenses to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") are set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"Our second quarter results demonstrate the resiliency and underlying strength of the Wingstop brand as the unit economics have continued to strengthen throughout 2022, fueling another record number of net new openings this quarter," commented Michael Skipworth, President & Chief Executive Officer. "We are in a unique position for the back half of 2022 where we are benefiting from meaningful deflation in bone-in wings, have a proven playbook, along with sales-driving levers that give us confidence in our ability to deliver on our outlook for 2022."
View full version at Wingstop
The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2022 and Provides Business Update
July 27, 2022 04:15 PM Eastern Daylight Time
CALABASAS HILLS, Calif.CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2022, which ended on June 28, 2022.
Total revenues were $832.6 million in the second quarter of fiscal 2022 compared to $769.0 million in the second quarter of fiscal 2021. Net income and diluted net income per share were $25.7 million and $0.50, respectively, in the second quarter of fiscal 2022.
Excluding the after-tax impact of a $0.8 million charge recorded by the Company primarily associated with FRC acquisition-related items, adjusted net income and adjusted net income per share for the second quarter of fiscal 2022 were $26.4 million and $0.52, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 4.7% year-over-year in the second quarter of fiscal 2022.
“We were pleased with our second quarter topline results across our brands, as we continued to outperform the broader casual dining industry, underscoring the strength of our portfolio,” said David Overton, Chairman and Chief Executive Officer. “Within the four walls of our restaurants, our tenured operators remained focused on delivering delicious, memorable experiences for our guests while maintaining our high labor productivity and food efficiency results.”
“The inflationary environment remains dynamic and in the second quarter we faced measurably higher costs than anticipated. Despite these near-term headwinds, we remain committed to returning margins to pre-pandemic levels while managing our business for the long-term. With record restaurant staffing levels in July and our proven track record of resiliency, I remain confident in our ability to deliver on our objectives and create long-term shareholder value.”
View source version at The Cheesecake Factory
Noodles & Company Announces Second Quarter 2022 Financial Results
July 27, 2022 16:05 ET
System-wide Comparable Restaurant Sales Growth of 5.1%; Record Company Average Unit Volumes of $1.42M, 18.3% Above Pre-COVID Q2 2019
BROOMFIELD, Colo., July 27, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its second quarter ended June 28, 2022.
Key highlights for the second quarter of 2022 versus the second quarter of 2021 include:
Total revenue increased 4.3% to $131.1 million from $125.6 million in the second quarter of 2021.
Comparable restaurant sales increased 5.1% system-wide, comprised of a 5.1% increase at company-owned restaurants and a 5.3% increase at franchise restaurants.
Company Average Unit Volumes (“AUV”) of $1.42 million represented a 5.3% increase compared to the second quarter of 2021 and an 18.3% increase versus the second quarter of 2019.
Net income was $1.3 million, or $0.03 per diluted share, compared to $5.7 million, or $0.12 per diluted share in the second quarter of 2021.
Operating margin was 1.4% compared to 4.9% in the second quarter of 2021.
Restaurant contribution margin(1) was 15.5% compared to 18.9% in the second quarter of 2021, which was inclusive of an approximately 300 bps increase in cost of goods sold.
Adjusted EBITDA(1) was $11.2 million, a decrease of $2.6 million compared to the second quarter of 2021.
Adjusted net income(1) was $2.4 million, or $0.05 per diluted share compared to adjusted net income of $6.0 million, or $0.13 per diluted share, in the second quarter of 2021.
Three new company-owned restaurants opened in the second quarter of 2022.
_____________________ (1) Restaurant contribution margin, EBITDA, adjusted EBITDA, and adjusted net income (loss) are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin, net income (loss) to EBITDA and adjusted EBITDA and net income (loss) to adjusted net income (loss) are included in the accompanying financial data. See “Non-GAAP Financial Measures.”
“We are pleased with our second quarter results, which were highlighted by record level average unit volumes of $1.42 million, reflecting 5.3% growth over 2021 and an 18.3% increase over the pre-COVID second quarter of 2019,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In addition to strong AUV growth in the second quarter, we launched Leanguini, which offers 56% less net carbs and 44% more protein than traditional wheat pasta, and identified multiple initiatives to yield significant cost of goods savings going forward. Despite a challenging near-term development environment, we are targeting to have open 21 to 23 new locations in 2022 and also continued to make significant progress towards a strong 2023 pipeline that could allow for upside to our 10% annual unit growth rate target beginning next year.”
Boennighausen continued, “Our second quarter highlights how strongly Noodles & Company resonates with today’s consumer. From our recently introduced Leanguini offering to our zucchini noodle to our artisanal sauces, our menu offers great variety that is not easy to replicate at home or at other restaurant competitors. Additionally, our attractive entry level price point of $7 for multiple dishes and our recently launched Uncommon Goodness marketing platform showcase the differentiation of the concept and our strong value proposition, supported by a robust digital ecosystem, which continues to account for over 50% of sales and allows us to drive direct consumer engagement.”
Boennighausen concluded, “In addition to our unit growth goals, we remain confident in our accelerated growth objectives as AUVs are fast approaching the $1.5 million target and we can see a clear pathway and progress to a 20% margin by 2024. We have recently seen key commodity prices such as chicken decline substantially from record highs, we are implementing important efficiency initiatives, and our new unit development pipeline is strengthening with many high-quality opportunities. Finally, our growth strategy will also be supported by our recently refinanced credit facility, which allows the Company increased flexibility to pursue our objectives.”
View full version at Noodles & Company
McDonald's Reports 2022 Q2 Results
Jul 26, 2022, 07:00 ET
Global comparable sales increased nearly 10%, with growth across all segments
Digital Systemwide sales* in our top six markets exceeded $6 billion for the quarter, representing nearly a third of their total Systemwide sales
CHICAGO, July 26, 2022 /PRNewswire/ -- McDonald's Corporation today announced results for the second quarter ended June 30, 2022.
"The McDonald's System continues to demonstrate strength and resiliency," said McDonald's President and Chief Executive Officer, Chris Kempczinski. "Our second quarter performance reflects outstanding execution against our Accelerating the Arches strategy. By focusing on our customers and crew, enabled by a rapidly growing digital capability, we delivered global comparable sales growth of nearly 10%. Nonetheless, the operating environment across the competitive landscape remains challenging. While we are planning for a wide range of scenarios, I am confident that our plans and people position McDonald's to weather this environment better than others."
Second quarter financial performance:
Global comparable sales increased 9.7%, reflecting positive comparable sales across all segments:
U.S. increased 3.7%
International Operated Markets segment increased 13.0%
International Developmental Licensed Markets segment increased 16.0%
Consolidated revenues decreased 3% (increased 3% in constant currencies).
Systemwide sales increased 4% (10% in constant currencies).
Consolidated operating income decreased 36% (30% in constant currencies). Results included $1.2 billion of charges related to the sale of the Company's business in Russia and a gain of $271 million related to the Company's sale of its Dynamic Yield business. Excluding these current year net charges and prior year net gains of $98 million, primarily related to the sale of McDonald's Japan stock, consolidated operating income was flat (increased 7% in constant currencies).
Diluted earnings per share was $1.60, a decrease of 46% (41% in constant currencies). Excluding the net charges described above of $0.90 per share and nonoperating expense of $0.05 per share related to the settlement of a tax audit in France, diluted earnings per share for the quarter was $2.55, an increase of 8% (14% in constant currencies), when also excluding prior year net pre-tax gains of $0.10 per share and income tax benefits of $0.48 per share.**
* Refer to page 4 for a definition of Systemwide sales. ** Refer to page 2 for additional details.
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Chipotle Announces 2022 Q2 Results
Jul 26, 2022, 16:10 ET
OPERATING INCOME INCREASES 37.5% AND COMPARABLE RESTAURANT SALES INCREASE 10.1% AS MARGINS EXPAND
NEWPORT BEACH, Calf., July 26, 2022 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2022.
Second quarter highlights, year over year:
Total revenue increased 17.0% to $2.2 billion
Comparable restaurant sales increased 10.1%
In-restaurant sales increased 35.9%, while digital sales1 represented 39.0% of food and beverage revenue
Operating margin was 15.3%, an increase from 13.0%
Restaurant level operating margin was 25.2% 2, an increase of 70 basis points
Diluted earnings per share was $9.25, a 40.2% increase from $6.60. Adjusted diluted earnings per share, which excluded a $0.05 after-tax impact from expenses related to certain legal proceedings, expenses related to the 2018 performance share COVID-19 related modification, corporate restructuring costs, restaurant asset impairment and closure costs, offset by an unrealized gain on investments was $9.30, a 24.7% increase from $7.46 2
Opened 42 new restaurants with 32 locations including a Chipotlane
"We are pleased with our second quarter performance during a period of inflation and consumer uncertainty," said Brian Niccol, Chairman and CEO, Chipotle. "Our pricing power and value proposition remain strong as our culinary and food with integrity commitment continues to be a key point of differentiation."
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Fast Casual Disrupter bellagreen Acquired by Ampex Brands
July 22, 2022
Second acquisition in the past 12 months firmly establishes Ampex as a fast-casual operator
Dallas, TX (Restaurant News Release) Ampex Brands, Au Bon Pain operator and a leading Yum! Brands and 7-Eleven franchisee with more than 500 QSR and fast-casual restaurants and convenience stores, has acquired bellagreen, an American bistro concept with locations in Houston and Dallas. Both companies are based in the Dallas metropolitan area. The deal was finalized on July 18.
“From the first time we set foot in a bellagreen, we knew it would be the perfect addition to the Ampex family,” said Ampex CEO Tabbassum Mumtaz. “bellagreen is pioneering a new path for the fast-casual industry and we look forward to introducing this brand to every major city in the U.S.”
Ampex acquired bellagreen from Bellagreen Holdings. bellagreen is retaining Erik Bednar and Silvestre Reyes in their current roles and all restaurant-level staff. Ampex Chief Financial Officer Eric Easton and Vice President of Growth and Strategy Sameer Mumtaz will play integral roles in the strategic direction and operations for bellagreen.
“We designed bellagreen to make life and Earth more beautiful with every meal we served,” said Jason Morgan, bellagreen CEO. “We are passing the baton to a powerful organization that can grow the brand while retaining that authenticity.”
bellagreen joins Ampex’s growing portfolio of brands including Au Bon Pain, acquired 12 months ago. ABP’s growth strategy is proving successful under Ampex ownership. It has tripled its catering revenue and is expanding with new locations opening or planned for 2022.
Easton and his team are thoughtfully planning the brand’s growth strategy, noting, “bellagreen is positioned to reinvent the industry with its balance between the convenience of fast-casual and the high-quality menu items and personalized service of fine dining. We anticipate a smooth transition and will spend the next few months learning about bellagreen’s great success from our teams and guests.”
In addition to its standalone offerings, bellagreen makes the communities around them more beautiful. The brand believes in doing its part to reduce the ecological footprint by using water-saving devices, alternate power sources, sustainable food and furnishings and reducing waste.
“Guests expect more from their favorite restaurants, and rightly so,” said Mumtaz. “bellagreen meets customers where they are, with healthy, customizable options delivered with near-perfect execution. We look forward to serving its discerning, loyal customers.”
Morgan Kingston Advisors, LLC acted as the exclusive sell-side advisor to bellagreen. Ampex was represented by Tucker Ellis and bellagreen by Wyrick Robbins.
About Ampex Brands
Founded in 2005 by Tabbassum Mumtaz, Ampex Brands is a Yum! Brands and 7-Eleven franchisee with more than 500 QSR, fast casual, and fast-food restaurants and convenience stores. The Richardson, Texas-based company has approximately 6,400 employees across all its brands and locations. The fast-growing company acquired the Au Bon Pain brand in 2021, catapulting the company into the franchisor role and expanding its footprint internationally.
View source version at Ampex Brands
Domino's Pizza® Announces Second Quarter 2022 Financial Results
Jul 21, 2022, 07:30 ET
Global retail sales growth (excluding foreign currency impact) of 1.5%
U.S. same store sales decline of 2.9%
International same store sales decline (excluding foreign currency impact) of 2.2%
Global net store growth of 233
Diluted EPS down 7.8% to $2.82
ANN ARBOR, Mich., July 21, 2022 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the second quarter of 2022. Global retail sales, excluding the negative impact of foreign currency, grew 1.5% in the second quarter of 2022. Without adjusting for the impact of foreign currency, global retail sales declined 3.0% in the second quarter of 2022.
U.S. same store sales declined 2.9% and international same store sales (excluding foreign currency impact) declined 2.2% during the second quarter of 2022. The decline in international same store sales (excluding foreign currency impact) was driven in part by a value added tax holiday in the United Kingdom in the second quarter of 2021 that did not recur in the second quarter of 2022. The Company had second quarter global net store growth of 233 stores, comprised of 22 net U.S. store openings and 211 net international store openings.
Diluted EPS for the second quarter of 2022 was $2.82, a decrease of 7.8% from diluted EPS of $3.06 in the second quarter of 2021. Diluted EPS for the second quarter of 2021 was negatively impacted by expenses associated with the Company's April 2021 recapitalization transaction (the "2021 Recapitalization"). Diluted EPS for the second quarter of 2022 decreased 9.6% from diluted EPS, as adjusted, of $3.12 in the second quarter of 2021. Refer to the Financial Results Comparability and the Comments on Regulation G sections below for additional information.
Subsequent to the end of the second quarter of 2022, on July 19, 2022, the Company's Board of Directors declared a $1.10 per share quarterly dividend on its outstanding common stock for shareholders of record as of September 15, 2022 to be paid on September 30, 2022.
"Our results for the quarter faced challenges consistent to those I outlined back in April. We continued to navigate a difficult labor market, especially for delivery drivers, in addition to inflationary pressures combined with COVID and stimulus-fueled sales comps from the prior two years in the U.S.," said Russell Weiner, Domino's Chief Executive Officer. "However, the strength of our franchisees and team members, along with the strategies we are putting into place, make me confident we are on a path to overcome these short-term obstacles and make the Domino's brand and business stronger than ever."
View full version at Domino's
BJ’s Restaurants, Inc. Reports Fiscal Second Quarter 2022 Results
July 21, 2022 16:02 ET
HUNTINGTON BEACH, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2022 second quarter ended Tuesday, June 28, 2022.
Second Quarter 2022 Compared to Second Quarter 2021
Total revenues increased 13.6% to $329.7 million
Total restaurant operating weeks increased 1.5%
Comparable restaurant sales increased 11.7%
Net income of $0.3 million, compared to $6.4 million; diluted net income per share of $0.01, compared to $0.26
The 2022 second quarter net income and diluted net income per share are inclusive of a $2.2 million, or $0.09 per share, income tax expense which reflects the Company’s estimated annual effective tax rate and offsets a portion of the $10.2 million income tax benefit recorded in the first quarter of 2022.
Adjusted EBITDA of $23.4 million, compared to $27.7 million
“Our second quarter sales performance highlights the powerful guest affinity to the BJ’s brand and the success of our initiatives to rebuild restaurant staffing, as we hired more than 6,000 new team members and increased our team member count by 8% from the end of the first quarter, which enabled us to serve more guests,” commented Greg Levin, Chief Executive Officer and President. “In light of these factors, we delivered BJ’s highest ever quarterly sales with total revenues eclipsing the previous record set in the second quarter of 2019 by 9.5%. Comparable restaurant sales were up 4.8% over the second quarter of 2019 and comparable restaurant sales increased 11.7% compared to a year ago. The solid quarterly sales growth led to improved restaurant margins over first quarter levels, although continued inflationary pressures throughout the quarter curtailed further margin expansion. Given the inflationary environment and its impact on our restaurant margins, we will be testing numerous margin improvement initiatives over the next several months as well as implementing an additional round of menu price increases in August. Our sales performance has continued into July with period-to-date comparable weekly sales improving 4.0% as compared to 2019.
“During the second quarter, we opened new restaurants in San Antonio, Texas and Framingham, Massachusetts. With three new restaurants opened this year, our footprint has been expanded to 214 locations. We are very pleased with the performance of these new openings, which continue to demonstrate that guests love the BJ’s concept in both new and existing markets. We continue to expect to open up to five additional restaurants in the second half of the year. Additionally, we are encouraged by early results of recent restaurant remodels which added seating capacity in several restaurants as part of our comprehensive remodel initiative to deliver an even better guest experience and add sales-driving capacity. We remain committed to significantly increasing our average weekly sales, growing our restaurant margins and continuing our national expansion with a controlled pace in top-quality sites, thereby growing BJ’s sales to $2 billion and beyond and delivering meaningful earnings growth and shareholder returns,” concluded Levin.
View full version at BJ's Restaurants
Denny’s Corporation Completes Acquisition of Keke’s Breakfast Café
July 20, 2022 16:10 ET
SPARTANBURG, S.C., July 20, 2022 (GLOBE NEWSWIRE) -- Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, today announced the completion of its acquisition of Keke’s Breakfast Café from K2 Restaurants, Inc. together with other sellers and principals party thereto. Denny’s acquired certain assets and assumed certain liabilities of the franchise business, Keke’s Breakfast Café, along with eight restaurants owned and operated by the sellers. The purchase price of $82.5 million was settled by utilizing cash on hand as well as funds from the company’s revolving credit facility.
“We are excited to officially welcome the Keke’s Breakfast Café team and franchisees to the Denny’s family,” said Kelli Valade, Chief Executive Officer and President. “The A.M. Eatery segment is fast-growing and Keke’s is a brand with attractive unit economics and strong potential. This acquisition provides an exciting expansion opportunity through a complementary concept that serves a different guest and can enhance value for our shareholders.”
Keke's Breakfast Cafe offers handmade breakfast and lunch entrees with fresh fruits and vegetables. It will continue operating independently from Denny's with its own leadership, strategies, products, marketing, operations, and development initiatives.
About Denny’s
Denny's Corporation is the franchisor and operator of one of America's largest franchised full-service restaurant chains, based on the number of restaurants. As of March 30, 2022, Denny’s had 1,634 franchised, licensed, and company restaurants around the world including 153 restaurants in Canada, Puerto Rico, Mexico, the Philippines, New Zealand, Honduras, the United Arab Emirates, Costa Rica, Guam, Guatemala, El Salvador, Indonesia, and the United Kingdom. For further information on Denny's, including news releases, links to SEC filings, and other financial information, please visit the Denny's investor relations website at investor.dennys.com.
View source version at Denny's
Meritage Reports Second Quarter 2022 Results; Accelerating Growth Ahead
July 15, 2022 08:00 ET
GRAND RAPIDS, Mich., July 15, 2022 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the second quarter ended July 3, 2022.
Second Quarter Highlights
Sales increased 9.3% to $161.0 million compared to $147.3 million for the same period last year.
Earnings from Operations were $7.7 million compared to $8.5 million for the same period last year.
Net Earnings were $6.0 million compared to $7.9 million for the same period last year.
Consolidated EBITDA (a non-GAAP measure) was to $14.5 million compared to $16.8 million for the same period last year.
“Our solid sales performance in the second quarter was driven by same restaurant sales growth, increased sales from renovated locations and new store openings. Company restaurant management teams have done a good job managing operations in a volatile commodity and high inflationary environment, which we believe will begin easing for our business in the second half of the year.
The Company recently announced the acquisition of 6 Wendy’s restaurants in Florida, which will add approximately $11 million in annual sales and be accretive to earnings going forward.
Looking ahead, our development pipeline remains strong, as we plan to build a total of 24 new restaurant locations this year, including our first generation of Taco John’s restaurants. We have laid the foundation for transformative growth and value creation, as we execute building, renovating and acquiring restaurants with our unique operating platform,” stated Robert E. Schermer, Jr., the Company’s CEO.
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Darden Restaurants Reports Fiscal 2022 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; Authorizes New $1 Billion Share Repurchase Program; And Provides Fiscal 2023 Outlook
Jun 23, 2022, 07:00 ET
ORLANDO, Fla., June 23, 2022 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 29, 2022.
Fourth Quarter 2022 Financial Highlights
Total sales increased 14.2% to $2.60 billion driven by a blended same-restaurant sales increase of 11.7% and sales from 33 net new restaurants
Same-restaurant sales:
Consolidated Darden
11.7 %
Olive Garden
6.5 %
LongHorn Steakhouse
10.6 %
Fine Dining
34.5 %
Other Business
18.5 %
Reported diluted net earnings per share was $2.24 as compared to last year's reported diluted net earnings per share of $2.79 and last year's adjusted diluted net earnings per share of $2.03*
Net earnings from continuing operations were $282 million
EBITDA of $431 million*
The Company repurchased $237 million of its outstanding common stock
* See the "Non-GAAP Information" below for more details.
Fiscal 2022 Financial Highlights
Total sales increased 33.8% to $9.63 billion driven by a blended same-restaurant sales increase of 30.9% and sales from 33 net new restaurants
Same-restaurant sales:
Consolidated Darden
30.9 %
Olive Garden
24.1 %
LongHorn Steakhouse
28.1 %
Fine Dining
62.7 %
Other Business
42.4 %
Reported diluted net earnings per share was $7.40, as compared to last year's reported diluted net earnings per share of $4.80 and last year's adjusted diluted net earnings per share of $4.31*
Net earnings from continuing operations were $955 million
EBITDA of $1,531 billion*
* See the "Non-GAAP Information" below for more details.
"We had a strong quarter despite experiencing high inflation, and fiscal 2022 was a solid year," said Darden President & CEO Rick Cardenas. "Darden's competitive advantages enabled our brands to strengthen their business models while our restaurant teams continued to deliver exceptional guest experiences in a challenging operating environment. As we begin our new fiscal year, our focus remains on driving profitable sales, investing in the guest experience and simplifying operations. Darden's strategy, and our strong balance sheet, positions us well regardless of the operating environment."
View full version at Darden Restaurants
Kura Sushi USA Announces Fiscal Third Quarter 2022 Financial Results
July 07, 2022 16:05 ET
IRVINE, Calif., July 07, 2022 (GLOBE NEWSWIRE) -- Kura Sushi USA, Inc. (“Kura Sushi” or the “Company”) (NASDAQ: KRUS), a technology-enabled Japanese restaurant concept, today reported fiscal third quarter 2022 financial results for the period ended May 31, 2022.
Fiscal Third Quarter 2022 Highlights
Total sales were $38.0 million, compared to $18.5 million in the third quarter of 2021;
Comparable restaurant sales increased 65% for the third quarter of 2022 as compared to the third quarter of 2021;
Operating income was $0.5 million, compared to operating income of $0.9 million in the third quarter of 2021;
Net income was $0.5 million, or $0.05 per diluted share, compared to net income of $0.8 million, or $0.09 per diluted share, in the third quarter of 2021;
Adjusted net income* was $0.5 million, or $0.05 per diluted share, compared to an adjusted net loss* of $4.5 million or ($0.54) per diluted share, in the third quarter of 2021;
Restaurant-level operating profit* was $8.5 million;
Adjusted EBITDA* was $3.2 million; and
One new restaurant opened during the fiscal third quarter of 2022.
* Adjusted net income (loss), Restaurant-level operating profit and Adjusted EBITDA are non-GAAP measures and are defined below under “Key Financial Definitions.” Please see the reconciliation of non-GAAP measures accompanying this release. See also “Non-GAAP Financial Measures” below.
Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, “The strong sales momentum from the first half of our fiscal year continued into the third quarter, exemplified by comparable sales growth of 28.3% versus our pre-pandemic fiscal 2019 results and another record sales quarter for the company. Moreover, our team has done a tremendous job navigating on-going inflationary pressures, resulting in a solid improvement in our restaurant level profitability, both on a dollar and margin basis as compared to our pre-COVID period."
Uba added, “We continued to make progress toward growing our restaurant base, opening a new restaurant in Watertown, MA, another new market for Kura Sushi. To date, we’ve opened five new restaurants in fiscal 2022, and expect to open at least eight for the full fiscal year. Guest reception for our new openings has continued to exceed our initial expectations. We believe each of our successful new markets is a point of proof for the national portability of our brand, and that our growth prospects are stronger than ever.”
View full version at Kura Sushi