Kona Grill posts a $2.5 million loss for the first quarter, announces move toward franchising

Kona Grill Inc. (NASDAQ: KONA) is still losing money and announced plans to franchise its restaurant in hopes of turning things around.

On Thursday, the Scottsdale-based grill and sushi bar restaurant chain announced revenues decreased 7.1 percent in the first quarter of 2018 to $42 million, compared to the first quarter of 2017.

For the quarter, same-store sales were down 8.3 percent, which led to a net loss of $2.5 million, or 24 cents per share. While the loss isn’t great, it is better than…

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