Kura Sushi (2695) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended April 30, 2024, rose 14.0% year-over-year to ¥116,071 million, with operating profit of ¥5,636 million and net income attributable to shareholders of ¥3,948 million, reversing a loss in the prior year.

• All segments contributed to growth, with Japan and Asia posting record sales, while North America saw strong sales but continued to incur losses due to upfront investments.

• Store count reached 665, including 5 new stores in Japan, 9 in the US, and 2 in Asia during the period.

Financial highlights

• Operating profit was ¥5,636 million, up from a loss of ¥1,186 million year-over-year.

• Net income attributable to shareholders was ¥3,948 million, compared to a loss of ¥1,095 million in the prior year.

• Comprehensive income was ¥4,705 million, up from a loss of ¥1,521 million year-over-year.

• Cash and equivalents increased by ¥2,860 million to ¥21,801 million at period end.

Outlook and guidance

• Full-year revenue forecast revised to ¥234,000 million, up 10.7% year-over-year.

• Operating profit forecast at ¥5,500 million (up 123.9%), net income at ¥3,500 million (up 305.4%), and EPS at ¥88.06.

• Dividend forecast unchanged at ¥20 per share for the year.