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Wednesday, May 29, 2024
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Kura Sushi Rises on Q3, Growth Momentum

Shares of Kura Sushi USA Inc. (Nasdaq: KRUS) jumped in after-hours trading Tuesday after the restaurant operator reported better-than-expected results for its fiscal third quarter and a rosy growth outlook.

Kura, which currently counts 32 restaurants, reported total sales of $18.5 million for its fiscal third quarter ended May 31. That’s up from $2.8 million a year ago. Analysts on average expected revenue of $15.5 million.

Net income totaled $800,000, compared to a $9.2 million loss in the year-ago period and beating consensus estimates of a $4.8 million loss.

The company’s shares were up 3.7% to $40 after hours Tuesday for a market cap of $325 million.

Kura Sushi also said Tuesday it hired Sean Allameh to chief operating officer. Allameh starts July 26 and comes to the company from Luna Grill, where he was COO. Allameh also worked as Umami Burger director of operations and, before that, senior director of operations at Arby’s.

Kura Sushi has so far this fiscal year opened seven new restaurants, which has helped push the chain to five new markets.

“Fiscal 2021 was a record development year for Kura, and we expect to maintain this growth momentum in fiscal 2022,” said President and CEO Hajima Uba in a statement.

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