Kura Sushi shares jump after earnings beat

Investing.com -- Kura Sushi USA Inc (NASDAQ: KRUS) shares were jumping as the conveyor belt Japanese restaurant chain beat expectations for earnings.

Shares were up 12% on Friday and have doubled so far this year.

Third-quarter earnings per share of 16 cents easily beat the consensus estimate of 4 cents a share and revenue rose 29% to $49.2 million, about in line with estimates.

Comparable restaurant sales rose 10% for the third quarter of 2023 compared with the third quarter of 2022. Kura sees 2023 revenue of $187M to $189M, also in line with expectations.

The company said food and beverage costs as a percentage of sales were 30% compared with 29.7% in the same period last year 2022. It said the increase was mostly because of food cost inflation, partially offset by increases in menu prices.

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