Why Are Kura Sushi Shares Rising After Hours?

Kura Sushi USA Inc KRUS shares are rising in extended trading Tuesday after the sushi chain restaurant company reported better-than-expected financial results.

What Happened: Kura Sushi said fiscal second-quarter revenue came in at $43.9 million, up from $31.3 million year-over-year. The company's top-line results beat analyst estimates of $41.79 million, according to Benzinga Pro.

Kura Sushi reported a quarterly loss of 10 cents per share, which beat estimates for a loss of 22 cents per share. 

Comparable restaurant sales increased 17.4% on a year-over-year basis. The company opened three new restaurants during the quarter. 

Kura Sushi noted that it's seeing excellent results on its goals of maintaining operations, delivering value and continuing rapid unit expansion. 

"We continue to deliver industry-leading traffic growth as consumer sentiment remains extremely strong. Our unit pipeline is the strongest it has ever been, with nine units under construction and another nine executed leases across existing and new markets," said Hajime Uba, president and CEO of Kura Sushi.

Kura Sushi expects full-year 2023 revenue to be between $185 million and $188 million versus estimates of $185.41 million.

The company is set to hold a conference call to discuss these results at 5 p.m. ET.

See Also: Why SMART Global Holdings Stock Is Sliding After Hours

KRUS Price Action: Kura Sushi shares were up 6.95% after hours at $71.99 at the time of writing, according to Benzinga Pro.

Photo: Adamsov Production from Pixabay.