Kura Sushi USA tumbles 25% on disappointing Q3, FY rev forecasts
28/06/2024 15:44
(Updates stock activity, changes headline)
** Kura Sushi USA Inc's KRUS.O shares tumble 25% to $61.76
on Fri after preliminary results disappoint
** KRUS shares hit lowest since Dec 13. Stock tracking
biggest daily pct drop since COVID pandemic onset in Mar 2020
** Restaurant operator late Thurs said expects fiscal Q3 rev
of $63.1 mln, same-store sales growth of 0.6%
** LSEG consensus for Q3 rev was $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
** Several brokerages cut PTs reacting to news: Barclays
slashes to Street-low $65 from $95, Piper Sandler goes to $89
from $114, Craig-Hallum lowers to $120 from $130
** Half of 8 brokerages covering KRUS rate stock "strong
buy" or "buy", rest have "hold"; median PT of $93 down from $115
a month ago - LSEG
** With move on Fri, KRUS shares down ~19% YTD including
~46% drop this qtr
(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))