Kura Sushi USA slides on Q3 rev miss, annual rev forecast cut
28/06/2024 13:59
** Kura Sushi USA Inc's KRUS.O shares down 14.2% premarket
to $70.71, lowest since early Jan, after release of preliminary
results
** Restaurant operator late Thurs said expects Q3 rev of
$63.1 mln and same-store sales growth of 0.6%
** LSEG consensus called for Q3 rev of $65.4 mln
** "The financial results of our fiscal third quarter did
not meet our expectations, due largely to unanticipated softness
in the California market," CEO Hajime Uba said
** Co forecasts FY rev of $235-$237 mln, down from prior
$243-$246 mln outlook
** Reacting to news, Barclays slashes PT to Street-low $65
from $95, and Craig-Hallum lowers PT to $120 from $130
** Half of 8 brokerages covering KRUS rate stock "strong
buy" or "buy", rest have "hold"; median PT of $101 down from
$115 a month ago - LSEG
** Through Thurs, KRUS shares lost ~28% this qtr, cutting
YTD gain to ~8%
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))