Kura Sushi (2695) Q2 2025 earnings summary

Executive summary

• Six-month net sales rose 1.3% year over year to ¥117,625m, while operating profit fell 48.5%, ordinary profit 50.1% and attributable net profit 50.5%; Q2 sales set a second-quarter record.

• Operating, ordinary and net income each exceeded 50% of full-year plans; domestic initiatives and overseas expansion continued amid weather and travel headwinds.

Financial highlights

• Q2 revenue was ¥117,625m, operating income ¥2,903m, ordinary income ¥2,993m and net income attributable to owners of parent ¥1,955m.

• Against full-year plans of ¥243,000m revenue, ¥5,000m operating income, ¥5,200m ordinary income and ¥3,400m net income, achievement rates were 48.4%, 58.1%, 57.6% and 57.5%.

• Gross profit rose to ¥69,527m from ¥68,542m, while SG&A expenses increased to ¥66,624m from ¥62,906m.

• Basic earnings per share was ¥49.19 versus ¥99.35 a year earlier; comprehensive income fell 60.3% to ¥1,865m.

Outlook and guidance

• FY2025 forecasts remain unchanged: net sales ¥243,000m, operating profit ¥5,000m, ordinary income ¥5,200m and attributable net income ¥3,400m.

• Annual store-opening plan is ~30 locations: ~10 in Japan, 14 in the US and 5–10 in Asia; 14 had opened through Q2, with the plan unchanged.

• US revenue guidance is ¥41.6bn–¥42.2bn, with 14 US openings planned; Asia plans 5–10 openings, with one opened through Q2.

• Planned ordinary-income margin is 2.1%; no revisions were made to earnings or dividend forecasts.