Kura Sushi at Piper Sandler Conference: Strategic Expansion and Innovation

Published 11/09/2025, 20:28
Kura Sushi at Piper Sandler Conference: Strategic Expansion and Innovation

On Thursday, 11 September 2025, Kura Sushi USA Inc. (NASDAQ:KRUS) participated in the Piper Sandler 4th Annual Growth Frontiers Conference, outlining its strategic plans for fiscal year 2026. The company emphasized its focus on expanding market presence, enhancing operational efficiency, and leveraging unique partnerships, while also addressing challenges such as cannibalization and tariffs.

Key Takeaways

  • Kura Sushi is optimistic about positive same-store sales growth in fiscal 2026, driven by a new reservation system and increased IP collaborations.
  • The company plans to mitigate the impact of tariffs through vendor negotiations and pricing adjustments.
  • Labor cost management is expected to improve with the deployment of dishwashing robots.
  • Kura Sushi anticipates being cash flow positive within four to five years, backed by a strong cash position of $90 million.
  • Expansion plans include a mix of new and existing market developments, with a focus on reducing cannibalization impacts by fiscal 2027.

Financial Results

  • Kura Sushi reported a strong cash position of $90 million, with $70 million raised last November.
  • The company expects to achieve a 20% restaurant-level margin or better in fiscal 2026.
  • Tariffs on imports from Japan are currently 25%, but vendor negotiations are expected to split these costs, minimizing impact on the cost of goods sold.

Operational Updates

  • The reservation system aims to reduce wait times, with guests seated within two minutes of arrival. This system is expected to boost the rewards program, as members visit more frequently.
  • Dishwashing robots are close to certification, with retrofitting planned for 50 restaurants, potentially reducing labor costs by 50 basis points.
  • Kura Sushi’s relationship with Kura Japan provides a competitive edge, particularly with innovations like the dishwashing robot.

Future Outlook

  • Kura Sushi plans to expand its market presence, with 70% of new stores in existing markets and 30% in new markets for fiscal 2026.
  • By fiscal 2027, the company anticipates a 50-50 split between existing and new markets, reducing cannibalization impacts.
  • The total addressable market has expanded due to success in smaller markets and changes in the competitive landscape post-pandemic.

Q&A Highlights

  • The company expects a 400 basis point headwind from cannibalization in fiscal 2026, decreasing to 200 basis points in fiscal 2027.
  • Kura Sushi is focused on developing pipelines in new markets, with a goal of achieving free cash flow positivity within four to five years.
  • Pricing strategies typically run at 2% to 3%, with significant pricing power anticipated on November 1.

For a deeper understanding of Kura Sushi’s strategic plans and insights from the conference, refer to the full transcript below.

Full transcript - Piper Sandler 4th Annual Growth Frontiers Conference:

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, thank you, everyone. My name is Brian Mullen. I’m the Restaurant and Food Distribution Analyst here at Piper Sandler. Very happy to have the team from Kura Sushi, Jimmy Uba, CEO, Jeff Uttz, CFO, and Ben Porten, who runs the investor relations efforts in addition to many other responsibilities that I know he has. Thank you for being here. You just wrapped up fiscal 2025. When we last heard from you, I think you felt pretty good about the ability to drive positive same-store sales in fiscal 2026. One dynamic, I believe, is having a full-year benefit from the reservation system. Maybe just remind everyone why this is needed at Kura, what the expected benefits are, and what you’re seeing so far from your guests at the stores.

Jimmy Uba, CEO, Kura Sushi: Yeah, so really the reason that we introduced the reservation system is very consistently we’ll have our multi-hour waits, especially on weekends. The thing that we’re happiest about in terms of preliminary results is the majority of our guests with reservations are being seated within two minutes of arrival. It’s a fundamentally different experience. It really, I think, changes the occasion and opens up the optionality for our guests to come to Kura. Before now, it was a two-step decision where it’s, do I want to go to Kura and am I willing to give up half of my Saturday to go to Kura, which is kind of an insane question to ask our guests. That’s completely eliminated. I’m very, very pleased with the early responses from our guests. We’re going to start advertising this outside of the rewards program in earnest in fiscal 2026.

This should also be a pretty meaningful catalyst in terms of registrations there. Our rewards members visit almost six times as frequently as our non-members. Taking away any obstacles for those heavy users is going to be a great catalyst for us.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, that’s great. On the call in July, I think you had said, and maybe this needed to be addressed before you were ready to advertise it, but I think you said there were some opportunities to potentially improve the system as you first rolled it out. Can you just elaborate or give an example of what those are? I assume you’ve been putting those in place of late, and you did just to allude to it, but like the guest awareness piece of the system, when are you going to let the guests know, or are they figuring it out on their own?

Jimmy Uba, CEO, Kura Sushi: Right. The major thing that I’m working on, or that we are working on right now, would be the ability for guests to confirm their own reservation information. You’ll receive a text when you make your reservation, but if it’s for a week later, it’s pretty much impossible to find that information, especially from a number you don’t recognize. Our guests will come to our restaurant and ask the servers for their reservation number, and it’s kind of a pain to look that up. This should meaningfully reduce the work done by our servers and obviously make for a much better guest experience. On the employee side, we’re working on a lot of just streamlining. We’ve already seen a lot of improvement. Just with the previous system, we had to touch three different screens to see somebody. It’s already a pretty big benefit.

The next steps that we’re working on should be a further opportunity for labor leverage.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Is the need for this pretty uniform across the system, or maybe are some of the West Coast stores perhaps going to be bigger beneficiaries? Does it vary by geography or even by the size of your locations? How does that play a factor?

Jimmy Uba, CEO, Kura Sushi: Right. The biggest benefit is definitely to the restaurants that are busiest, which, you know, those restaurants are already the best place in terms of leveraging fixed costs. I’m happy for the benefit to go to them.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay. Now I wanted to shift over to the IP collaborations. In fiscal 2025, there was a couple of months stretch where maybe you didn’t have any IP collaborations. Maybe it would be helpful just to talk about how that came to be last year, what you learned, and then talk about how that takes you into fiscal 2026, where I believe you’re going to have a record number. Just the history of how you got to that place and then how that ties into your confidence on same-store sales this year.

Jimmy Uba, CEO, Kura Sushi: Sure. In fiscal 2024, to provide the full context, we had two months where we did not have IP collaborations that were lapping pretty difficult comparisons, and we posted positive comps for both of those months, which made us question just how much of an impact these IP collaborations were having. The biggest IP campaign that we had for that year that everybody was extremely excited about just failed to deliver, which further made us question the value of these IP collaborations. That four to five month stretch that we went through in fiscal 2025 has really laid that debate to rest. It is extremely clear that the IP collaborations are a big needle mover. As a result, we established the IP committee, an IP committee for the first time. Jimmy, Jeff, and I are on that.

The idea is to support a portfolio building process, which is beginning this year. We have seven to eight against a typical year of four to five. As demonstrated by the miss in fiscal 2024 with that big property, it can be difficult to predict what is going to be successful or not. Our thinking is let’s have as many at-bats as we can so that we can identify what is most successful. Let’s have shorter campaigns so that if we have a dud, we are not stuck with it for two months. Fiscal 2026 is the beginning of that process. We have the most first months of any year. We know the first months always outperform the second months, agnostic of the popularity of a given property. The other very exciting thing for us from an IP perspective was the success of Hollow Light in fiscal 2025.

It was a very unusual campaign in that it did not have an associated Vicropon giveaway. Typically, our IP campaigns are focused around the prizes that you win after 15 plates. For this one, we just had food collaborations and spending-based giveaways. This was not a property that the three of us were intimately familiar with or super, but it was phenomenally successful, which taught us that a small but passionate audience can definitely carry a campaign. The asset light model allowed us a faster turnaround time so that we can better respond to recent trends. A typical campaign needs a 12 to 18 month lead time, but the Hollow Light campaign was only six months. Because we did not have the toys, it was a relatively asset light investment. On the strength of the April promotion, we decided to blow that up and expand it for July.

That worked very well for the July campaign as well. I think it serves as a model for how we can really reduce the number of misses, limit our losses if we do have a miss, and maximize the opportunity in terms of successful IP campaigns.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, that’s good to hear and helpful to understand. Thank you. You referenced the IP committee. I think you maybe have added a new person in the marketing department dedicated to this. I assume they maybe report into the committee or on the committee or both of this. How long have you had that person? What are they, is this really all they’re focused on? This seems like a big initiative.

Jimmy Uba, CEO, Kura Sushi: Yeah, so this person’s been responsible for the IPs for many years, but they’ve been juggling that. They’ve had many hats. With the incredible value that a successful IP campaign can deliver, we felt it best for this person to focus solely on IPs. Now all they do is research new ones, negotiate, develop new relationships. I think a great example is the work that they’ve done with Nintendo. Nintendo’s been something that we’ve chased ever since coming to the United States. We had our first campaign with them last year with Pikmin. We have an upcoming campaign with Kirby. Kirby’s a much better-known property. We’re really, really pleased to see that Nintendo trusts us with their larger IPs. We hope that relationship continues to grow. That portfolio building process should really reduce a lot of the lumpiness in terms of comps that we’ve seen before.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Understood. Okay. I’m going to shift over to store-level margins. I think you’ve said your expectation is the business should be able to achieve 20% restaurant-level margin or better in fiscal 2026. I think investors have some questions around your cost of goods, any impacts from tariffs. Jeff, maybe can you just take us through or remind everyone where’s the basket sourced from? How are the conversations going with your suppliers? What kind of impacts are you expecting as you sit here?

Jeff Uttz, CFO, Kura Sushi: Yeah, so 65% of our purchases come from overseas. 45% of our total purchases come from three countries: Japan, Vietnam, and South Korea. Japan being the lion’s share of that 45%. Right now, the tariffs currently land at 25% for Japan. In light of the fact that tariffs in a vacuum are negative for us, there’s a couple of key factors that we have to mitigate those. The first one is that our Senior Vice President of Supply Chain has met with our vendors about splitting that. The vendors have come to us and said, "Look, we’re not going to push 100% of the tariffs we pay to you. We’ll take some of that. We’ll each take some so we can each feel the pain equally." That’s good for us. We think that’ll probably end up somewhere around 50-50, so the entire tariff won’t get pushed through to us.

The biggest piece that we have to mitigate tariffs is that on November 1, we have 2% of pricing fall off in our model. Right now, we’re running a 3% effective pricing. On November 1, when the 2% falls off, we’ll be at 1% effective pricing, which is lower than what we typically run. Typically, we do run 2% to 3% at any given time. On November 1, we have significant pricing power. The calculations that I’ve done indicate that if we do take a price increase on November 1, that would be enough to significantly impact the tariff effect coming in after the supplier negotiation. Given all those factors, I’m not incredibly concerned about any impact to our cost of goods sold line as a result of tariffs.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, that’s very clear and I think very helpful for folks. Thank you. Just a question on that. Maybe there will be some incremental pricing. Just a question on the mix component of average check. It’s improved a lot in the last couple of fiscal years. Still tends to run a bit negative. What’s a good way to think about mix in fiscal 2026 or beyond? Any comments you might have?

Unidentified speaker: Please go ahead.

Unidentified speaker: Okay.

Unidentified speaker: はい、ありがとうございます。 This question, but please allow me to speak in Japanese. 非常に楽しみです。まず、我々ミックスのヒストリーとしては、high single digit negative collapse of mid to single low single digitってきて、こっからまあどうやってプラスに持っていくかってことなんですけど、いくつかイニシアチブがあって、一つがライトライズオプション、これは一つポイントになってくると思いますし、あともう一つがベンが先ほど説明したみたいにIPのコラボレーションがたくさんあるんで、その中で我々ギブアウェイキャンペーンというのがあるんですけど、その時にミニマムスペンドを設定して、これが多くあればあるほど、アベリティックのグロースに関してはプラスになりますんでね、そういったことプラス、他にもいろんなクロリザーブっていう新しい商品のキャンペーン始まりましたんで、そういったこといろんなエコートを加えて、なるべくプラスの方に近づけていきたいなというふうには考えてます。ただ、今コンスューマーのセンチメント両方上がってるんでね、やっぱお客さんがアベリティックするとかなりますから、目指していきたいなと思っておりますけど、もう確実な確約までちょっとできない状況です。

Jimmy Uba, CEO, Kura Sushi: I’ll just switch to mix to provide some additional context. In recent years, it was running a negative high single digits, eased to negative mid single digits, and more recently it’s been anywhere between negative low single digits up to flat. In terms of the fiscal 2026 opportunity, there are two major things that we’re really excited about. The first would be the light rice opportunity. This is just a halving of the amount of rice served per sushi piece. Every person that I’ve spoken to prefers it. I prefer it myself. When I eat the light rice, I eat many more plates. Our ability to get visibility on that and get people interested in that is certainly a mix opportunity. The other would be the sheer number of IP collaborations that we have for fiscal 2026.

As I mentioned earlier, we have these giveaways that are based on spending thresholds. The more of these giveaways that we have, the higher that we can drive average check. We’ve been experimenting with different ways to do this. For example, with the current Demon Slayer campaign, we have a different giveaway every two weeks as opposed to just one giveaway. If you’re a big fan, you’ve got a reason to come four times during the campaign and spend, you know, $80 or whatever, four times during the campaign. That being said, our service model is unique in that guests build check plate by plate, meaning that it is a lot easier for guests to manage their check with one of our restaurants than, you know, an entree-based center of plate protein.

The flip side of that is that we see much less traffic degradation because we don’t price people out. Mix is an interesting thing for us, but we are doing our best to make it a tailwind.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: A relationship with traffic, which you’re, yeah, yeah, understood. You alluded to, or you discussed a little bit earlier with the frequency, but you have a loyalty program. It’s, I think, an attractive asset for the company and unique for full service too. You did reference earlier, there’s maybe some more frequency from that guest. I just wanted to ask, you know, what are the key things, given that asset, what are the key things the team is working on with loyalty? I know you’ll use it to inform them of maybe the reservation system, but bigger picture in the marketing department strategically.

Jimmy Uba, CEO, Kura Sushi: Right. The two major things that we’re working on in terms of the reward system would be the introduction of a tier-based system as opposed to just a point-based couponing system. The other would be in conjunction with the reservation system, a wrinkle to the way that we’ve approached giveaways in the past. Historically, these giveaways have been phenomenally successful. People will come in, but the inventory will typically run out after a day or two, so the impact is limited to that day or two. By shifting from a spending threshold-based giveaway to a frequency-based giveaway, we can spread that impact for the entire duration of the campaign. We know that the people that care about these giveaways know that the things run out pretty much on their first day.

If we say you need to visit four times during this two-month period, if I were them, I wouldn’t be waiting until week six, seven, or eight to get those things. This would multiply our return on ad spend on this inventory. We’re really excited about that.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay. Shifting a little bit to the operation, just an update on the dishwashing equipment, potentially the robot. Where are you with maybe getting certification? Assuming that that’s complete, my understanding is it would go into the new builds. I believe, is there an opportunity to put it into existing restaurants? Just where does that initiative stand?

Jimmy Uba, CEO, Kura Sushi: Yes, we are phenomenally close to being done with certification. We’ve had the first sort of inspection, so to speak. They pointed out a couple of things they wanted us to adjust. We’ve made those adjustments, and now we’re just waiting for that second inspection. We’ve expedited the certification process by really just focusing on the core. There are three components, but the core we think really gets us the bulk of the labor opportunity. That alone should get us the headcount reduction. What that means is that because we’re just looking at the core, that has multiplied the number of restaurants that we can retrofit. Initially, we had expected just maybe five of our existing restaurants to be able to accommodate the dishwashing robot. What we’re seeing now is 50 restaurants as well. We’re extremely excited about that.

Unidentified speaker: あとまあ期待されているのが50ベースポイントのあれだと思います。

Jimmy Uba, CEO, Kura Sushi: Yeah, and in terms of the impact of the dishwasher, the difference between a restaurant that has one and doesn’t have one is going to be about 50 basis points in labor. The dishwashing robot, I think, is really a perfect illustration of one of the unique strengths that we have as a company. Kura Japan has built this robot. It’s proprietary. None of it existed before. They’ve invested $1 to $2 million into developing this robot. For us to have done that would be irresponsible at our scale. You’d need 200 to 300 units to be able to justify that kind of spend, at which point it’s prohibitive to go back and retrofit your restaurants. The benefit is limited. Because of this relationship with Kura Japan, we really get to benefit from maturity even in our relative infancy.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, that’s great. I just wanted to shift over to development. The class of 2026, you know, at last update, I believe it’s going to, you’re going to be about 70% existing markets, 30% new. Would you expect there to be some degree of headwind to same-store sales in fiscal 2026 from that? I just want to level set everyone on that. How do you see that evolving, that mix evolving beyond fiscal 2026?

Unidentified speaker: まず26に関してこの17-30っていうのはまだあれ、まあそれが該当しますと。で、あのカニバリゼーションのインパクトっていうのはやはり20を25と同じく今400ベースポイントぐらい、ひょっとしたらまあ少し低くなるかもしれないですけど、そのレベルやってます。ただ一方27以降は我々ニューマーケットでのあのパイプラインの構築に注力してまして、だいたいおそらくまあ50-50かもっとしたらそれ以上になるので、おそらくインパクトは半分、ま200ベースポイントぐらいになると思ってます。まあすごくあのあのパイプラインの構築が順調にいってるんで楽しみにしてます。これ以上どうでしょうか。

Jimmy Uba, CEO, Kura Sushi: We’re very pleased with how the pipeline is shaped up for fiscal 2026 and what we’re seeing for fiscal 2027, to your point. This year, we just started the fiscal year. We’ve got the 30-70 split between new and existing markets. Our base case assumption in terms of comp headwinds would be the same as fiscal 2024 and 2025, which is about 400 basis points. As a refresher for some of the people that might be newer in the audience, we have taken an idiosyncratic unit growth strategy. We have 80 units, but we’re in 20 different states, which has allowed us to identify the greatest pockets of opportunity that much more quickly. It’s one of the reasons our unit economics have improved dramatically since the time of the IPO. It also means that we have a lot of single unit markets.

If we infill, say, if we add a unit in Los Angeles where we already have 10 in the county, the impact to those 10 units is pretty muted. If we only have one unit in a given market or a given state, that first infill has a pretty big impact. That’s why we’ve been discussing cannibalization. It’s also why the discoveries as it relates to Bakersfield are so important to us. Bakersfield is the 120th largest DMA. Up until that point, we’d only looked at the top 40 or 50. Now all 70 in between are in play. That’s really what gets us back to that 50-50 split between new and existing markets for fiscal 2027. We expect the comp headwind to have, which would functionally make it a 200 basis point tailwind for fiscal 2027.

The other part is, our comp base continues to grow by at least 20% every year. Very soon we expect the impact from one restaurant to be that much less.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: It would naturally go down over time. Yeah. Okay. Sticking with development, I think the class of 2025, I think you disclosed the CapEx cost per store would be about $2.5 million. I do know that you take a site-by-site approach and there’s no standard, but just in general, is there any reason to think that that would differ materially for fiscal 2026 or for the next couple of years? Is there any work you might be doing on the prototype or how you’re thinking about the opportunities for sites going forward?

Jeff Uttz, CFO, Kura Sushi: Yeah, we’ll give our guidance on fiscal 2026 build-out costs in our November call. We’ve been working through it and we don’t see anything that we’re significantly concerned about in terms of build-out costs going forward. Cash-on-cash return is one of our big KPIs when we look at a new site. Regardless of where the build-out cost ends out, like I said, we’re not concerned about it. The cash-on-cash return target won’t be changing.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay. I just wanted to ask on labor, labor inflation. This is separate from the good news on the dish robot coming, but it had been running high single digit earlier in fiscal 2025. It’s definitely settled down more recently. Not guidance for fiscal 2026 that’s coming, but what’s a good way to think about the wage inflation environment that you’re seeing and labor availability? Yep.

Unidentified speaker: まず、レバ、レバインフレーションに関しては、ここ、直近のクオーターぐらいからローシングルデジットになってきてまして、多分おそらく2026も同じぐらいで継続するだろうと思ってます。それに加えて、レバーコストの軽減をしていると、FI2025のQ1、Q2に関してはちょっと前年よりも高かったんですけど、Q3から落ち着いて、Q4は我々は前前のアーニングスコールでQ4はベターになるというふうになってましたけど、そのベターになるっていうのはQ1 2026も続いていくと思ってますんで、ローシングルデジットのレバーインフレーションで、なので我々あとプラス先ほど言ったディッシュウォッシャーのやつも後々FI2026のどっかに入ってきますから、我々レバーに関してはすごくオプティミスティックです。

Jimmy Uba, CEO, Kura Sushi: We’re feeling very good about labor. In terms of fiscal 2025, Q1 and Q2, we were experiencing high single-digit wage inflation that normalized over the course of the year. By Q4, it eased to low single-digit wage inflation, and that’s what we expect for fiscal 2026. Q1 and Q2, our labor was higher year over year as compared to fiscal 2024. Q3 was closer. During our most recent earnings call, we mentioned that we expect Q4 labor to be better than what it was in the prior year. Presently, we expect that to be the case for fiscal 2026 as well. We have a bunch of initiatives that we’ve put into place that have been further tailwinds that we’ve started seeing in Q4, which would serve us through fiscal 2026. That doesn’t even include, as you mentioned, the robot dishwasher. We’re feeling very good from a labor perspective.

I think before you had asked about a 20% margin. This would be a big component in addition to the pricing, as well as the opportunity for comps as represented by the easier comparison with that four to five month stretch that we have from December to the end of April in fiscal 2025, where we didn’t have any campaigns as compared to this current fiscal year where we have the most effort. We’re feeling pretty good.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay. I just wanted to ask, on the balance sheet, you’re in a very solid net cash position. Are there any goals or timelines you’ve put around getting to free cash flow positive? That’s just kind of, we’ll see when you get there. I’m just wondering how you’re thinking about that as you sit here today.

Jeff Uttz, CFO, Kura Sushi: Yeah, so we have about, between cash and investments, we have about $90 million on the balance sheet. We raised about $70 million last November, so about 10 months ago. We’re in a very good position in terms of our cash position going forward. I’ve been saying that I believe we’ll be cash flow positive in the next four to five years. That being said, we’ll continue to keep an eye on the capital position. If we do need to raise more cash in the future, that’s not out of the question. Right now, we’re in a very healthy position on the balance sheet.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay. In the time we have left, this is a happy question. I think you get it in most meetings in some form or fashion. The total addressable, you have such a unique concept, such a competitive advantage. Every year we go by, we’re a year further away from the IPO, but there was a total addressable market that you gave at the time. I think at times people have viewed that as conservative. What have you learned since then? How does the small market opportunity change that? I think you’ve seen some strength in the Pacific Northwest that maybe you might have suspected, but now you have proof points. Open-ended, long-winded, but how are you feeling about the total addressable market today?

Unidentified speaker: あの、完全な数字は言えないですけど、やはりこのベーカーズフィールドを中心としたスモールなDMAがこう機能することで分かったことは、我々のクワイエットスペースポテンシャルをすごく拡大する大きなきっかけになると思います。

Jimmy Uba, CEO, Kura Sushi: Without getting out numbers, which we’ll leave that to you, we’re extremely pleased by what we saw in Bakersfield. That really does meaningfully change our thinking on the white space potential. The other major event since the IPO would have been the pandemic. Because of the fragmentation of the sushi industry, we saw a disproportionate number of closures in the Japanese space, which has redirected traffic to us over the last several years and translates to greater white space potential. Post-pandemic, when there was a lot of inflation, we saw the same thing happen. It’s possible that would happen again, which each time, you know, the demand for sushi doesn’t change. It just means a greater opportunity for us.

Brian Mullen, Restaurant and Food Distribution Analyst, Piper Sandler: Okay, that’s a good place to leave it. Thank you very much for being here. Appreciate it.

Jimmy Uba, CEO, Kura Sushi: Yeah, thank you very much.

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