For the fourth quarter 2009, sales increased 7.7% to $20.0 million from $18.6 million a year-ago, while comparable restaurant sales decreased approximately 8.1%.
Kona Grill, Inc. (NASDAQ: KONA), an American grill and sushi bar, today released preliminary fourth quarter 2009 results.
For the fourth quarter 2009, sales increased 7.7% to $20.0 million from $18.6 million a year-ago, while comparable restaurant sales decreased approximately 8.1%. During its third quarter conference call in October, the Company had previously forecasted an approximate 9.0% decrease in comparable restaurant sales for the period.
Due to margin compression, management now expects that the fourth quarter 2009 loss will be slightly below previous guidance of $(0.11) to $(0.16) per share, excluding special charges for severance related to the departure of a former company officer as well as legal fees associated with the Company's ongoing derivative suit. The Company also continues to evaluate restaurant impairment charges that it will likely record during the fourth quarter.
The Company will release and comment on these results during its next quarterly earnings call, scheduled for February 10, 2010.
'While fourth quarter operating results reflect the challenging economic environment, we are excited about our plans for 2010. Our leadership team has developed several initiatives designed to drive guest frequency and increase brand awareness, and ultimately, improve our financial results,' said Marc Buehler, President and Chief Executive Officer of Kona Grill.
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