Shares of Kura Sushi USA, the renowned restaurateur, saw a significant boost in trading activity following the release of its impressive third-quarter financial results. As of 12:40 p.m. ET, the stock had surged by 13% to reach $96 per share, with a peak of $96.26 per share earlier in the session. These figures are in close proximity to the stock’s 52-week high of $96.60, which was achieved on August 15, 2022.
Kura reported earnings per share of 16 cents for the third quarter, accompanied by sales reaching $49.2 million. Comparatively, during the same period last year, the company reported earnings per share of 5 cents on sales of $38 million. Additionally, Kura disclosed that comparable restaurant sales experienced an impressive 10.3% growth compared to the third quarter of 2022.
Looking ahead, Kura Sushi USA has projected total sales between $187 million and $189 million for fiscal year 2023.
Following the positive news, Benchmark raised its price target on Kura Sushi USA shares to $100 from $76, while Craig-Hallum raised its price target to $108 from $88, as confirmed by Benzinga.
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