Kona Grill, an American grill and sushi bar, has reported a net loss of $535,000, or $0.08 per diluted share for the second quarter of 2008, compared to net income of $313,000, or $0.05 per diluted share, for the same period in 2007.
The company's sales for the second quarter of 2008, increased 4.5% to $20.2 million, from $19.3 million reported for the same period of 2007. Restaurant sales reflect a 5.6% decrease in same-store sales due to the broadening of economic weakness in multiple states, the company said. In the second quarter of 2007, same-store sales increased 5%.
Kona Grill's net loss for the first six months ended June 30, 2008 increased to $1.21 million, or $0.18 per diluted share, from $230,000, or $0.04 per diluted share, for the same period of 2007. Restaurant sales for the fist half of 2008 increased to $38.98 million from $34.99 million in the corresponding period of 2007.
Marcus Jundt, CEO of Kona Grill, said: "Our second quarter 2008 results reflect the challenging consumer environment which continues to affect both our industry and the economy in general."
Story Source: Datamonitor
