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Kura Sushi Falls Following Fiscal Q1 2022 Earnings -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Technology-enabled Japanese restaurant chain shares Kura Sushi USA Inc (NASDAQ:) plunged more than 21% on Friday after its fiscal first quarter 2022 earnings results. Sales were below analyst expectations.

A loss of 13c per share was announced by the company on revenues of $29.83million. According to analysts polled Investing.comA loss per share estimated at 23c on revenues of $29.96 millions.

Although sales fell below expectations, they increased by 154% over Q1 2021. They also rose 19.9% over the first quarter 2020.

Kura Sushi President and CEO, Hajime Uba, said the company is “pleased” with the performance.

“We believe the actions we have taken to date have positioned our company well to navigate the current operating environment as we look forward to an even busier year with plans to open eight to ten new restaurants to further capitalize on the pent-up demand for the unique Kura experience in fiscal 2022 and beyond.”

The company reiterates its previous guidance and expects total sales of $130 to $140 million in fiscal 2022.

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