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Sunday, Aug 14, 2022

Kura Sushi Sees Q2 Sales Boom 244%

Irvine-based Kura Sushi USA Inc. (Nasdaq: KRUS) reported fiscal second-quarter sales rose 244% to $31.3 million, topping the average analyst estimate of $30.3 million.

Kura Sushi rose 7.3% to $63 in afterhours trading; before the results were announced, its market cap was $570 million. 

“Our team has done an excellent job of mitigating the omicron-headwinds during the quarter, which were most significant from mid-December through late January, resulting in our fiscal second quarter setting a new company record for quarterly sales,” Chief Executive Hajime “Jimmy” Uba said in a statement.

The company reduced its operating loss to $1.9 million, down from a $3.8 million loss in the same period last year. 

The Japanese revolving sushi concept opened three new restaurants in Arizona and Texas during the quarter, plus an additional location in Massachusetts after the period ending February 28, totaling 5 new spots for the year. It now counts 37 locations in the U.S.

Kura Sushi plans to open between 8 to 10 new restaurants for 2022, and these new additions officially bring the restaurant chain halfway to its goal. 

“While still early, guest reception for these openings, both in new and existing markets, has exceeded our initial expectations, which continues to give us confidence in the vast white space potential of our brand,” Uba said. 

The company reported comparable restaurant sales increased 183% for the second quarter compared to the same period in 2021.  


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