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- **Revenue Growth**: Q4 2025 sales $79.4M; 2026 guidance $330-334M
- **Profitability**: Adjusted EBITDA +30% to $7.4M; 2026 RLOPM 18%
- **Expansion**: 16 new stores in 2026 (50+ robotic dishwashers)
- **Cost Management**: G&A as % of sales down 300bps to 13.3%
- **Tariffs Impact**: COGS expected 30% in 2026 (up 140bps)
- **Labor Savings**: 50bps from dishwashers in 2027+

**CEO Summary Section**
- Fiscal 2025 total sales: $79.4M (Q4) / $330M+ annual guidance for 2026
- Comparable sales growth: 0.2% (Q4) driven by 0.5% traffic growth
- 15 new store openings in 2025 (record pace), 50+ robotic dishwashers to be installed in 2026
- Adjusted EBITDA up 30% YoY to $7.4M
- 2026 unit growth: 16 new stores (50%+ of openings in smaller DMAs)
- Labor cost improvement: 30bps (31.1% vs 31.4%)
- Tariff impact: 70bps on COGS in Q4
- 2026 RLOPM guidance: 18% (down from 20.9% in 2025)

**CFO Financial Commentary**
- Q4 2025: Net income $2.3M ($0.18 EPS) vs loss $5.2M ($0.46 EPS)
- Full year 2025: G&A as % of sales 13.3% (down 300bps)
- 2026 guidance: 
  - Total sales $330-334M
  - G&A 12-12.5% of sales
  - Capex $2.5M per unit
  - COGS ~30% (up from 28.4% in 2025)

**Q&A Highlights**
1. **Comp Guidance**: Q1 2026: -mid-single digits (vs +2% in Q1 2025)
   - Full year: flat to + slightly
2. **Robotic Dishwashers**: 
   - 50+ retrofits in 2026
   - 50bps labor savings expected in 2027
3. **Tariffs & Pricing**: 
   - 3.5% menu price increase in Q4
   - 2026 COGS ~30% (up 140bps)
4. **Unit Development**: 
   - 1 unit opening in Q1 2026
   - 5-6 openings in H1 2026
5. **Reservation System**: 
   - Marketing to non-rewards members starting Q2 2026
   - 2026 impact: minimal; 2027+ upside

Kura Sushi USA, Inc. (KRUS) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 sales $74M, with sequential comp improvement and 3 new units opened. FY25 guidance raised to $281M.
- **Cost Efficiency**: COGS 28.3% (vs. 29.2%), labor 33.1% (vs. 32.6%). Adjusted EBITDA up 20% to $5.4M.
- **Strategic Wins**: Reservation system rollout, 7-8 FY26 IP collaborations, and light rice initiative driving traffic and mix.
- **FY26 Outlook**: 20%+ restaurant margin target, 15 new units, and 50-50 new/existing market split by FY27.
- **Risks**: Tariff exposure (45% COGS from Japan/Korea/Vietnam), 400bps cannibalization headwind in FY26, and wage inflation.

**【CEO Summary Section】**
- **Revenue and Sales Performance**: Total sales of $74 million, with comparable sales down 2.1% (negative traffic of 2.9%, offset by 0.8% price/mix). Sequential improvement in monthly comp sales observed.
- **Cost Management**: COGS improved 90bps to 28.3%, labor as a percentage of sales rose 50bps due to wage inflation. Restaurant-level operating margin was 18.2% vs. 20% prior year.
- **New Store Growth**: Opened 3 new units during Q3, with 2 more post-quarter, achieving 14-unit guidance. Notable success in Lynnwood, WA (top 5 restaurants) and Bakersfield, CA.
- **Strategic Initiatives**: Rolled out reservation system ahead of schedule, introduced light rice option, and secured 7-8 IP collaborations for FY26 (including Peanuts, Demon Slayer, One Piece). IP campaigns drove sequential sales improvement, with May comps turning positive.
- **Market Expansion**: Exploring smaller DMAs (Des Moines, Richmond, Tulsa) to reduce cannibalization risk, aiming for 50-50 split between new and existing markets by FY27.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $0.05/share vs. loss of $0.05 prior year. Adjusted EBITDA up 20% to $5.4 million. Cash balance of $93 million with no debt.
- **Guidance Update**: Full-year sales raised to $281 million (from $275-279M), 15 new units, G&A as % of sales <13%. FY26 targets include 20%+ restaurant margin, leveraging comps and IP campaigns.
- **Tariff Impact**: 45% of COGS from Japan/Korea/Vietnam. Suppliers may share tariff burden; worst-case COGS impact capped at 30%. Light rice initiative seen as key COGS lever.
- **Labor Outlook**: Mid-single-digit wage inflation in Q4, improving from Q2/Q3. Reservation system and operational efficiencies expected to mitigate costs.

**【Q&A Key Highlights】**
- **Reservation System**: Rolled out in April-May, driving sequential sales improvement. 50%+ reservations filled within 2 minutes of arrival. Future focus on non-loyalty member outreach.
- **IP Collaboration Success**: FY26 pipeline full with no gaps, vs. 4-5 months without campaigns in FY25. Hololive campaign drove traffic without giveaways, highlighting experimental approach.
- **Light Rice Initiative**: Launched in 50+ restaurants, expected to increase plates per person and reduce COGS. Inspired by Kura Japan's success, seen as guest-requested feature.
- **Margin Targets**: FY26 aiming for 20%+ restaurant margin, leveraging comps (lapping FY25's IP gap) and reservation system efficiencies. FY25 margin constrained by year-to-date performance.
- **Tariff Mitigation**: $300-400K per-unit build cost impact from tariffs. Negotiations with suppliers to split burden; pricing last resort. FY26 COGS expected to stay below 30%.
- **New Store Productivity**: FY25 class outperforming FY24, driven by Pacific Northwest success and smaller DMA exploration. FY26 pipeline 70% existing markets, 30% new, with 400bps cannibalization headwind.

Kura Sushi USA, Inc. (KRUS) Q3 2025 Earnings Call Transcript

- **Q2 Results**: $64.9M sales, 5.3% comp decline driven by 400-500bps weather impact. 11 new units opened YTD.
- **Growth Drivers**: 50-50 new/existing market split by FY27. FY26 to have 7-8 IP collaborations vs. 1 in FY25.
- **Tech Innovations**: Reservation system testing shows 25%+ lift. New order panel software rollout Q4.
- **Tariff Impact**: $400K worst-case build-out cost, but 20%+ unit growth maintained.
- **FY25 Guidance**: $275-279M sales, 14 new units, 13.5% G&A as % of sales.

**【CEO Opening Remarks】**
- Q2 total sales: $64.9M, comparable sales down 5.3% due to 400-500bps weather impact and absence of IP campaign. 
- 11 new units opened YTD, 6 under construction. New markets (e.g., Bakersfield) demonstrate 120th DMA viability, with 50-50 new/existing market split target by FY27.
- System innovations: new order panel software, redesigned Mr. Fresh dome, reservation system testing in 3 locations. Guests booking via rewards program saw 25%+ sales lift in early tests.
- FY26 IP pipeline: 7-8 collaborations vs. 1 in FY25, starting with May launch of major IPs like Peanuts, One Piece, and Kirby.

**【CFO Financial Highlights】**
- GAAP net loss: $3.8M (-$0.31/share) vs. $1M (-$0.09) prior year. Adjusted EBITDA: $2.7M vs. $2.9M.
- Cost of goods: 28.7% (vs. 29.6%), labor: 34.8% (vs. 33.0%) due to wage inflation and sales deleverage.
- FY25 guidance: $275-279M total sales, 14 new units, 13.5% G&A as % of sales.

**【Key Q&A Takeaways】**
- Tariffs: $400K worst-case build-out cost impact, but 20%+ unit growth maintained. Suppliers indicate willingness to share tariff burden.
- Consumer behavior: March sales strong post-weather, but April uncertainty from market volatility. No change in traffic patterns observed.
- Reservation system: System-wide rollout by end-FY25. Early tests show 25%+ lift in high-traffic locations.
- Wage pressure: High-single-digit labor inflation across markets, not isolated to CA. Tech initiatives (e.g., touch panels) to mitigate costs.
- IP strategy: FY26 will have continuous IP campaigns vs. FY25 gap. Kirby collaboration with Nintendo highlights strategic differentiation.

Kura Sushi USA (KRUS)-8 Apr 25-2025 Q2 Earnings call transcript

- **Revenue Beat**: $64.5M (+25.3% YoY), driven by 1.8% comps despite 2.3% traffic decline. Mix improvement (4.1%) offset traffic weakness.
- **Profit Margin Record**: Adjusted EBITDA margin 13.5% (vs. 1.5% prior year), up 210bps. G&A leverage saves $1.3M.
- **Tech-Driven Efficiency**: Mr. Fresh 2.0 and reservation system to reduce labor by ~50bps. Back-of-house streamlining saves 100+bps labor.
- **Market Expansion**: 6 new units in Q1, 6 under construction. Target 50-50 split of openings in new/existing markets.
- **Q2 Caution**: Lapping Snoopy/Peanuts without IP collaboration, expect modest negative comps. Focus on 60bps G&A leverage and labor efficiency.


**【CEO Summary Section】**
- **Revenue Growth**: Total sales of $64.5 million, up 25.3% year-over-year, with comparable sales growth of 1.8% despite 2.3% traffic decline. Mix improvement (4.1%) offset traffic weakness.
- **Profitability**: Adjusted EBITDA of $3.6 million (vs. $1.8 million prior year), margin up 210bps to 13.5%. Labor efficiency improvements and G&A leverage drove results.
- **New Store Expansion**: 6 units opened in Q1, 6 under construction. Focus on smaller DMAs (e.g., Tacoma, Mayfield) to balance new/existing market growth. 50-50 pipeline split target for future openings.
- **Tech Initiatives**: Mr. Fresh 2.0 system rollout in Feb. 2025 to reduce server time, and reservation/self-seating system to reduce labor by ~50bps. Streamlined back-of-house stations (3-person teams) improved sales per labor hour.
- **Marketing Success**: 1P/Pikmin campaigns drove mix gains. Q1 mix best in recent memory, with Perfect Pair promotion boosting menu attachments without price trade-offs.

**【CFO Financial Commentary】**
- **Top Line**: Q1 sales $64.5M (+25.3% YoY). West Coast comps +7.8%, Southwest -0.3%.
- **Cost Management**: 
  - COGS 29% (vs. 29.8% prior year), flat QoQ due to pricing and supply chain.
  - Labor 32.9% (vs. 31.9%), driven by wage inflation and high-labor market openings.
  - G&A 13.5% (vs. 16.7%), $1.3M savings vs. prior year.
- **Liquidity**: $111.7M cash post-8/2024 follow-on offering. No debt.
- **Guidance**: FY25 sales $275-279M, 4 new units, G&A 13.5% of sales.

**【Q&A Highlights】**
- **Q2 Outlook**: Lapping Snoopy/Peanuts without IP collaboration, expect modest negative comps. Focus on profitability via cost control and labor efficiency (e.g., 100bps+ labor leverage from back-of-house streamlining).
- **Inflation**: Food deflation, labor inflation ~high single-digits in Q1. Expect Q2 labor % flat YoY, improving in H2.
- **Reservation System**: Full rollout by end-FY25. Japan experience shows reduced waitlist abandonment (~20%), potential traffic lift. U.S. testing begins Feb 2025.
- **Mix Sustainability**: Lapping side menu price increases, food-focused marketing (e.g., Perfect Pair) driving mix gains. Q1 mix best in years, trend expected to continue.
- **Delivery**: Incremental sales (~$0.5M/Q1), prioritized for busy restaurants. Off-premise growth will come as new units open in saturated markets.


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