Strong demand has Irvine-based Kura Sushi USA Inc. (Nasdaq: KRUS) President and Chief Executive Hajime Uba optimistic about the long term for the revolving sushi chain.
The restaurant operator, Uba said, had 23 of its 25 restaurants open by the end of the company’s fiscal fourth quarter ended Aug. 31, with online ordering, Grubhub delivery and outdoor dining helping drive sales during the period.
Still, that wasn’t enough to offset the decline in traffic, leaving the company to report misses on both revenue and earnings in the August quarter.
Kura’s fiscal fourth quarter revenue fell 71% from the year-ago period to $5.5 million, missing consensus estimates of $7.3 million.
Kura Sushi reported a loss of $6.8 million. That compares with analysts’ targeted loss of $4.8 million.
Shares of the company, part of Japan-based Kura Sushi Inc., closed up 3.6% to $16.74 Monday and were flat in after-hours trading. It had a market cap of $140 million.