Shares of Kura Sushi USA Inc. (Nasdaq: KRUS) fell 4.9% to $46 during after-hours trading on Thursday after reporting fiscal first-quarter results that missed analysts’ consensus expectations.
Sales jumped 34% to $39.3 million and the loss was 21 cents per share. The average estimate of analysts was a loss of 18 cents on $39.8 million.
Chief Executive Hajime Uba noted that traffic growth still outperformed industry averages and anticipates opening nine to 11 new restaurants in the fiscal year of 2023.
The company reiterated its 2023 sales forecast to between $183 million and $188 million. Analysts on average expect $185.5 million.
Kura Sushi currently has a market cap of $474 million.