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Kura Sushi Q1 Sales Up 31%

Irvine-based sushi restaurant chain updates fiscal 2024 outlook

Kura Sushi USA Inc. (Nasdaq: KRUS) reported fiscal first quarter sales of $51.5 million for the period ended Nov. 30, an increase of 31% compared to the year before.

Analysts estimated an average of $51.6 million in total sales for Kura Sushi’s first quarter.

After the report, shares in after-hours trading declined 2.9% to $72.46. Shares since early November have risen about 43% to $74.59 and an $832 million market cap.

The Irvine-based sushi chain reported net loss of 18 cents per diluted share for the quarter, compared to last year’s loss of 21 cents.

Kura Sushi also updated its outlook for the 2024 fiscal year to reach total sales between $239 million and $244 million, up slightly from its previous range of $238 million and $243 million. The forecast reports a potential annual sales increase between 27.5% and 30%.

The current general analysts’ consensus for Kura Sushi’s 2024 revenue is $240 million.

The chain currently has seven new restaurants under construction and aims to open 12 to 14 new locations this year. Kura Sushi ranked No. 16 on the Business Journal’s list of largest restaurant chains in OC last May.

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