Devalued yen and rising cost of sushi fish sent Kappa Sushi's profits into a freefall during Q2, posting a net loss of JPY 2.9 billion ($29.5 million, €21.6 million.)
According to Kappa Create Holdings, one of the leading sushi boat chains that runs the 100-yen sushi restaurants, rising distribution costs, operation improvements and administrative costs only made matters worse.
In late August there were 386 stores still in operation. Four new stores opened but nine were closed during the second quarter as raw material prices continued their steep climb.
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