- Kona Grill (OTCPK:KONA) reports same-store sales fell 8.3% in Q1 after a 4.3% drop in the same quarter a year ago.
- The company says restaurant-level operating profit improved to 11.9% of sales, despite the lower sales volume. "We saw measurable improvements in operating margins from cost-savings initiatives implemented under our new operational leadership team. These initiatives include reducing the amount of discounts and promotional activity which has negatively impacted sales, but has significantly improved profitability," says Kona CEO Berke Bakay
- Shares of Kona are down 0.84% in premarket trading after rising 5.55% yesterday into the post-bell report.
- Previously: Kona Grill beats by $0.08, misses on revenue (May 10)