Conveyer belt sushi chain Kura Sushi USA is planning to raise USD 54 million (EUR 46 million) via a public offering of nearly 1.3 million shares of its stock.
Operated by Kura Japan, Kura Sushi USA issued its initial public offering in the U.S. in 2019. Kura Sushi Japan operates more than 450 restaurants globally, including 32 in the U.S.
Kura Sushi intends to use the net proceeds from the new offering for capital expenditures, the repayment of the indebtedness outstanding under its existing revolving credit agreement with its parent company, working capital, and other business purposes.
Kura Sushi USA plans to operate more than 290 locations in the U.S., and grow its restaurant based 20 percent a year over the next five years, Restaurant Business reported in 2019. The restaurant features 140 different dishes, primarily priced below USD 3.00 (EUR 2.54) each, priced low by increasing efficiencies using technology throughout its operation, according to a U.S. Securities and Exchange Commission filing.
Kura Sushi USA’s sales have been exceeding 2019 levels since California allowed restaurant dining rooms to reopen fully on 15 June, executives told financial analysts, Restaurant Business reported.
The company’s net income was USD 800,000 (EUR 677,000) for its fiscal third quarter, compared to a loss of USD 9.2 million (EUR 7.8 million) for the same period of 2020. However, it realized a loss of USD 4.5 million (EUR 3.8 million) in the quarter due to adjustments for one-time events.
The company also recently named Sean Allameh, a fast-casual restaurant chain veteran, as its chief operating officer.
Photo courtesy of Kura Sushi USA
