Here's Why Kura Sushi Stock Dropped Today
Shares of sushi restaurant chain Kura Sushi (NASDAQ: KRUS) dropped on Thursday after it reported financial results for its fiscal fourth quarter of 2023. The company delivered results inside of its guidance but slightly lower than Wall Street's expectations. As of 12:15 a.m. ET, Kura Sushi stock was down about 10%.
Kura Sushi stock dropped 12% over the last year and has underperformed the S&P 500. But it's not for lack of growth. The company's fiscal 2023 sales were up nearly 33% compared to fiscal 2022. Opening new restaurant locations provided the majority of the growth. But its same-store sales were up a robust 9.5% as well.
Kura Sushi's management had guided for full-year sales of $187 million to $189 million.Therefore, its 2023 sales of $187.4 million were inline. However, it seems that the market expected a little more. And the market might also be concerned about the implications of the company's guidance.
Source Fool.com
