Kura Sushi (KRUS.O): Setting the Table for F3Q26: Expect Modest Comp Beat/Guidance Reiteration

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Kura Sushi (KRUS.O): Setting the Table for F3Q26: Expect Modest Comp Beat/Guidance Reiteration

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24 Jun 2026 18:47:44 ET │ 15 pages

Kura Sushi (KRUS.O)

Setting the Table for F3Q26: Expect Modest Comp Beat/Guidance

Reiteration

CITI'S TAKE

For F3Q (ended 5/31), we don’t expect a repeat of the prior quarter’s Neutral / High Risk

outsized top-line performance but do see modest upside to Street comp

expectations (+4% vs. +2.2%) and reiteration of top-line/RLM guidance for Price (24 Jun 26 16:00) US$52.64

the year. Continued positive comp growth along with store-level margin Target price US$64.00↓

expansion while pulsing high-teens unit growth should ease investor

from US$78.00concerns regarding brand durability during times of discretionary spend

pressure and ultimately earn the stock a higher multiple over time. Expected share price return 21.6%

Expected dividend yield 0.0%

Key questions/topics — F3Q26 earnings 7/7 AMC, call at 5PM ET. (1) As KRUS scales Expected total return 21.6%

nationally, how is mgmt. evaluating the mix of urban vs. suburban development

opportunities? Are there specific demographic characteristics that they view as Market Cap US$639M

most important in driving successful new unit performance? How does traditional

competition come into the conversation regarding where to build stores? (2) How

should investors think about the role LTOs (~7 LTOs across the system) play in driving

traffic and menu innovation over time? What factors determine whether an LTO Price Performance

earns a permanent place on the menu? (3) Has KRUS seen any impact from fuel- (RIC: KRUS.O, BB: KRUS US)

related surcharges or pricing actions by delivery partners, and does mgmt. still view

delivery as a non-core growth driver for the business? (4) Any update on overall