KRUS: Guidance Upgrade Following Confident Start to FY24
(NASDAQ:KRUS) Kura Sushi US Presents Q1 FY24 Results
Kura Sushi US
Weighting as of writing: 4%
8th January 2024 - Q1 FY24 Results
On January 4th, Kura Sushi US reported earnings for the first quarter of FY24. It was a confident affair, with guidance upgrades, commodity cost pressure declining, positive momentum in the redesigned rewards program, and signs that permitting delays have eased; leading to an upgrade in projected store rollouts in the year. As usual, the 1D price reaction was nonsensical; mirroring the current valuation which is once again flirting with $1 billion.
The first quarter of the fiscal year tends to be Kura’s weakest concerning leverage and margins. With such a positive quarter, it bodes well for the remainder of the year. Overall, there isn’t a significant amount to discuss. The company recently shared some great context on the consolidation of the sushi market post-pandemic during the initiation of Barclays’ coverage.
Key points from the report:
Revenue of $51.5 million (+31%) came with a 3.8% growth in comparable rest…