Kura Sushi USA, Inc. Files 10-Q for Period Ending November 30, 2023
Ticker: KRUS · Form: 10-Q · Filed: Jan 4, 2024 · CIK: 1772177
Complexity: simple
Sentiment: neutral
Topics: 10-Q, Kura Sushi USA, Financial Report, Q1 FY24, SEC Filing
TL;DR
<b>Kura Sushi USA, Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing financial activities and positions.</b>
AI Summary
KURA SUSHI USA, INC. (KRUS) filed a Quarterly Report (10-Q) with the SEC on January 4, 2024. Kura Sushi USA, Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the first quarter of fiscal year 2024. Key dates include the filing date of January 4, 2024, and the report period of September 1, 2023, to November 30, 2023. The company's fiscal year ends on August 31. The filing includes data related to common stock, retained earnings, and revolving credit facilities.
Why It Matters
For investors and stakeholders tracking KURA SUSHI USA, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Kura Sushi USA's financial health and operational performance during the first quarter of fiscal year 2024. The detailed financial information within the report is crucial for stakeholders to assess the company's current standing, evaluate investment potential, and understand any changes since the last reporting period.
Risk Assessment
Risk Level: medium — KURA SUSHI USA, INC. shows moderate risk based on this filing. The company operates in the highly competitive restaurant industry, which is subject to changing consumer preferences and economic conditions, as indicated by the inclusion of 'FoodAndBeverage' and 'Retail-Eating Places' in the filing data.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to assess Kura Sushi USA's performance and future prospects.
Key Numbers
- 2023-11-30 — Report Period End Date (10-Q filing)
- 2024-01-04 — Filing Date (10-Q filing)
- 0831 — Fiscal Year End (Company data)
- Q1 — Quarter (Fiscal year reporting)
Key Players & Entities
- KURA SUSHI USA, INC. (company) — Filer name
- KRUS (company) — Ticker symbol
- 2023-11-30 (date) — Report period end date
- 2024-01-04 (date) — Filing date
- 0000950170-24-001912 (filing) — Accession number
- 17461 DERIAN AVE. SUITE 200 IRVINE CA 92614 (address) — Business address
- RETAIL-EATING PLACES [5812] (industry) — Standard Industrial Classification
- DE (state) — State of incorporation
Forward-Looking Statements
- Kura Sushi will continue to face pressure on profitability due to rising operational costs in the near term. (Kura Sushi USA, Inc.) — medium confidence, target: 2024-08-31
FAQ
When did KURA SUSHI USA, INC. file this 10-Q?
KURA SUSHI USA, INC. filed this Quarterly Report (10-Q) with the SEC on January 4, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by KURA SUSHI USA, INC. (KRUS).
Where can I read the original 10-Q filing from KURA SUSHI USA, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by KURA SUSHI USA, INC..
What are the key takeaways from KURA SUSHI USA, INC.'s 10-Q?
KURA SUSHI USA, INC. filed this 10-Q on January 4, 2024. Key takeaways: Kura Sushi USA, Inc. filed a 10-Q report for the period ending November 30, 2023.. The filing covers the first quarter of fiscal year 2024.. Key dates include the filing date of January 4, 2024, and the report period of September 1, 2023, to November 30, 2023..
Is KURA SUSHI USA, INC. a risky investment based on this filing?
Based on this 10-Q, KURA SUSHI USA, INC. presents a moderate-risk profile. The company operates in the highly competitive restaurant industry, which is subject to changing consumer preferences and economic conditions, as indicated by the inclusion of 'FoodAndBeverage' and 'Retail-Eating Places' in the filing data.
What should investors do after reading KURA SUSHI USA, INC.'s 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to assess Kura Sushi USA's performance and future prospects. The overall sentiment from this filing is neutral.
Key Dates
- 2024-01-04: 10-Q Filing Date — Official filing of the quarterly report.
- 2023-11-30: Report Period End Date — Marks the end of the fiscal quarter being reported.
- 2023-09-01: Report Period Start Date — Marks the beginning of the fiscal quarter being reported.
Filing Stats: 4,246 words · 17 min read · ~14 pages · Grade level 15.7 · Accepted 2024-01-04 16:30:31
Key Financial Figures
- $0.001 — hich registered Class A Common Stock, $0.001 par value per share KRUS The Nasdaq
Filing Documents
- krus-20231130.htm (10-Q) — 1333KB
- krus-ex31_1.htm (EX-31.1) — 13KB
- krus-ex31_2.htm (EX-31.2) — 12KB
- krus-ex32_1.htm (EX-32.1) — 8KB
- krus-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-001912.txt ( ) — 5911KB
- krus-20231130.xsd (EX-101.SCH) — 40KB
- krus-20231130_cal.xml (EX-101.CAL) — 54KB
- krus-20231130_def.xml (EX-101.DEF) — 190KB
- krus-20231130_pre.xml (EX-101.PRE) — 286KB
- krus-20231130_lab.xml (EX-101.LAB) — 368KB
- krus-20231130_htm.xml (XML) — 947KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive Income (Loss) 2 Condensed Statements of Stockholders’ Equity 3 Condensed Statements of Cash Flows 4 Notes to Condensed Financial Statements 5 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.
Controls and Procedures
Controls and Procedures 22 PART II. OTHER INFORMATION 23 Item 1.
Legal Proceedings
Legal Proceedings 23 Item 1A.
Risk Factors
Risk Factors 23 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Securities 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Kura Sushi USA, Inc. Condensed Balance Sheets (amounts in thousands, except par value) (Unaudited) November 30, 2023 August 31, 2023 Assets Current assets: Cash and cash equivalents $ 64,161 $ 69,697 Short-term investments 7,046 8,542 Accounts and other receivables 4,865 5,048 Inventories 1,771 1,747 Due from affiliate 1 104 Prepaid expenses and other current assets 4,204 4,233 Total current assets 82,048 89,371 Non-current assets: Property and equipment – net 114,346 106,427 Operating lease right-of-use assets 107,853 103,884 Deposits and other assets 5,050 4,977 Total assets $ 309,297 $ 304,659 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,871 $ 7,248 Accrued expenses and other current liabilities 3,429 2,751 Salaries and wages payable 6,167 7,595 Finance leases – current 52 70 Operating lease liabilities – current 10,457 9,225 Due to affiliate 359 555 Sales tax payable 1,774 1,694 Total current liabilities 31,109 29,138 Non-current liabilities: Finance leases – non-current 22 31 Operating lease liabilities – non-current 113,773 110,234 Other liabilities 652 615 Total liabilities 145,556 140,018 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.001 par value; 1,000 shares authorized, no shares issued or outstanding — — Class A common stock, $ 0.001 par value; 50,000 shares authorized, 10,155 and 10,147 shares issued and outstanding as of November 30, 2023 and August 31, 2023, respectively 10 10 Class B common stock, $ 0.001 par value; 10,000 shares authorized, 1,000 shares issued and outstanding as of November 30, 2023 and August 31, 2023 1 1 Additional paid-in capital 189,915 188,771 Accumulated deficit ( 26,231