Sakae Sushi restaurant chain reports net loss
The Sakae Sushi restaurant chain incurred a net loss of $545,000 for its second quarter.
The chain, operated by Sakae Holdings, reported a net profit of $99,000 for the same quarter a year earlier. It says the loss was due to restructuring and streamlining the business, which resulted in a drop in revenue.
The company’s $11.2 million in sales for the period represented a decrease of 39.6 per cent year on year.
The Sakae Sushi business achieved a gross profit of $7 million for the quarter, falling from $9.5 million a year earlier, while the firm’s gross profit margin increased by 11.4 per cent due to effective management of operations.
Streamlining the business also resulted in reduced administrative expenses and labour costs.