Kona Grill Inc. blamed a fourth-quarter loss in net income on pre-opening costs, new-restaurant and remodeling inefficiencies, and write-offs associated with remodeled locations, which it said totaled about 20 cents per share.
The 26-unit Scottsdale, Ariz.-based casual-dining grill and sushi bar chain said it opened units in Boise, Idaho, and The Woodlands, Texas, during the Dec. 31-ended quarter, and remodeled locations in Scottsdale and San Antonio.
The company said it saw a same-store sales increase of 3.5 percent during the quarter, with guest traffic increasing 2.7 percent and check averages rising 0.8 percent.
NET LOSS
Result: -$509,000, or -6 cents per share(from $851,000, or 10 cents per share)
REVENUE
Result: $24.5 million% Increase: 6.4% (from $23 million)
SAME-STORE SALES
% Increase: 3.5%Source: Company report
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