Summary by Moomoo AI
Yoshiharu Global Co. reported Q1 2024 revenue of $2.81 million, up 13.4% year-over-year, driven by three new restaurant openings. Net loss narrowed to $876,205 from $1.14 million in Q1 2023, while restaurant-level contribution margin improved to 14.1% from 9.8%. The company demonstrated stronger operational efficiency with food costs decreasing to 23.8% of sales from 26.3% YoY.General and administrative expenses decreased 13.2% to $920,401, reflecting management's efforts to control costs while maintaining operational support. The company's expansion continued with three new restaurants opened between April 2023 and February 2024, contributing to the revenue growth. Labor costs remained stable at 45.8% of sales despite minimum wage increases and new store openings.Looking ahead, Yoshiharu aims to achieve over 100% annual unit growth rate over the next 3-5 years through new restaurant development. The company is exploring franchise sales initiatives in 2024 and has secured a $5 million equity line agreement with Alumni Capital LP to support growth plans. Management is focused on increasing profitability through improved purchasing power and operational efficiency.
