By Sam Boughedda
Investing.com — Shares of technology-enabled Japanese restaurant company Kura Sushi USA Inc (NASDAQ:) fell more than 21% Friday following its fiscal first-quarter 2022 earnings results, in which sales missed analyst expectations.
The company announced a loss per share of 13 cents on revenue of $29.83 million. Analysts polled by Investing.com anticipated a loss per share of 23 cents on revenue of $29.96 million.
Despite falling below expectations, sales increased 154% compared to Q1 2021 and were 19.9% above the first quarter of 2020.
Kura Sushi President and CEO, Hajime Uba, said the company is “pleased” with the performance.
“We believe the actions we have taken to date have positioned our company well to navigate the current operating environment as we look forward to an even busier year with plans to open eight to ten new restaurants to further capitalize on the pent-up demand for the unique Kura experience in fiscal 2022 and beyond.”
Looking ahead, the company reaffirms previous guidance for fiscal 2022, expecting total sales between $130 million and $140 million.