Kura Sushi USA's 17% Nasdaq slide shows tougher dining environment

TOKYO -- Kura Sushi USA's 17% drop on New York's Nasdaq market on Wednesday came despite a sharp market rally spurred by the surprise U.S.-Iran ceasefire, highlighting the pressures facing sushi restaurant operators amid geopolitical uncertainty, higher fuel costs and softening consumer sentiment. The sell-off followed news that fuel costs for Asia's fishing industry have more than doubled since the Strait of Hormuz closed, threatening fish supplies and pushing up prices. The share price plunge follows the surprise departure of Chief Financial Officer Jeff Uttz, who is moving to another position in the restaurant industry, and the California-based company's results for its December-February fiscal second quarter, announced on Tuesday. The results were better than expected. The company, 42% owned by Japanese conveyor belt sushi chain Kura Sushi, made its Nasdaq debut in 2019; the Japanese parent maintains a separate listing on the Prime section of the Tokyo Stock Exchange. Overseas ...