IRVINE, Calif. - Kura Sushi USA, Inc. (NASDAQ: NASDAQ:KRUS), a Japanese restaurant chain, today announced the appointment of Treasa Bowers as an independent member of its Board of Directors. Bowers, who brings over thirty years of experience from her tenure at 7-Eleven, will also join the Audit Committee and Compensation Committee effective immediately.
Hajime Uba, President, CEO, and Chairman of Kura Sushi, expressed enthusiasm for Bowers' appointment, citing her vast experience as a valuable asset to the company's growth trajectory. "We are delighted to welcome Treasa to Kura's Board of Directors," Uba said.
Bowers, currently the Executive Vice President and Chief Human Resources Officer at 7-Eleven, Inc., oversees various aspects of the company's talent strategy. Her role includes talent acquisition, management, training, and employee relations. She also serves on several boards, including CSN's Diversity and Inclusion Advisory Board, Scholarship America, and the Global Leadership Enhancement and Mentoring Network (LON:NETW).
Regarding her new role at Kura Sushi, Bowers expressed excitement about contributing to the company's strategic development. "I am thrilled to join the distinguished board of directors at Kura Sushi, where I look forward to contributing to strategic growth and innovation," Bowers stated.
Kura Sushi USA, established in 2008, operates 64 locations across 17 states and Washington D.C. The company is known for its revolving sushi service model and authentic Japanese cuisine. It is a subsidiary of Japan-based Kura Sushi, Inc., which has a network of over 550 restaurants.
This appointment comes as Kura Sushi continues to position itself as a leader in the American sushi restaurant market. The information in this article is based on a press release statement from Kura Sushi USA.
In other recent news, Kura Sushi USA, Inc. announced preliminary financial results for its fiscal third quarter of 2024, forecasting modest sales growth despite market challenges. The company expects total sales of approximately $63.1 million, a slight 0.6% increase in comparable restaurant sales compared to the same quarter the previous year. Kura Sushi also maintained a restaurant-level operating profit margin of around 20%.
During this period, the company expanded its footprint by opening four new locations in Orlando, Florida; Atlanta, Georgia; Scarsdale, New York; and Roseville, California. These developments are part of Kura Sushi's growth strategy, projecting full fiscal year 2024 sales to fall between $235 million and $237 million.
Despite sales not meeting expectations due to market softness in California, President and CEO Hajime Uba expressed confidence in the company's ability to deliver strong results. Uba emphasized the long-term potential of Kura Sushi and believes the company is well-positioned to navigate the macro environment.
These preliminary financial results are subject to finalization, with further details to be provided during the earnings release scheduled for a future conference call and webcast. These recent developments reflect the ongoing activities of Kura Sushi USA, Inc. in the restaurant industry.
InvestingPro Insights
As Kura Sushi USA, Inc. (NASDAQ: KRUS) welcomes Treasa Bowers to its Board of Directors, the company's financial health and market position remain key factors for investors to consider. According to recent data from InvestingPro, Kura Sushi boasts a robust gross profit margin of 58.63% for the last twelve months as of Q2 2024, indicating efficient operations and strong pricing power within the Hotels, Restaurants & Leisure industry—a sector where the company is a prominent player.
Despite recent market volatility, an InvestingPro Tip suggests that the current Relative Strength Index (RSI) indicates that Kura Sushi's stock is in oversold territory, potentially presenting an attractive entry point for investors. Additionally, the company has demonstrated a commitment to shareholder returns, maintaining dividend payments for 24 consecutive years, which is a testament to its financial stability and prudent management.
InvestingPro Data further reveals that Kura Sushi operates with a market capitalization of approximately 968.95 million USD. While the company's price-to-earnings (P/E) ratio stands at 26.58, it has shown a slight adjustment in the last twelve months as of Q2 2024, with a P/E ratio of 24.95. Moreover, the company's revenue growth has been impressive, with a 15.36% increase over the last twelve months as of Q2 2024, highlighting its growth trajectory amidst a competitive market landscape.
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