Shares of Kura Sushi USA Inc. (Nasdaq: KRUS) slid 9.2% to $64.99 today after reporting fourth-quarter results.
The Irvine-based sushi restaurant chain reported sales jumped 51% to $42 million, topping the average analyst estimate of $41.9 million for the period ended August 31. Adjusted net income was $2.1 million, or 21 cents a share, compared to a loss of $1.4 million, or 15 cents, in the same period a year earlier.
Chief Executive Hajime Uba noted that comparable restaurant sales grew 28% in the fourth quarter.
Total fiscal sales for 2022 were $141 million increasing 117% from last year, which matched analysts’ general consensus.
“I am extremely proud of our development team for achieving 25% unit growth for our fiscal year, in spite of industry-wide construction headwinds,” Uba said.
Kura Sushi anticipates total sales between $183 million and $188 million for its 2023 outlook. The average estimate of five analysts is $185.9 million.
During regular trading, the shares climbed 12% to $71.59 and a $697 million market cap. The shares have more than doubled since May.