Kura Sushi USA: Navigating Industry Challenges with Strategic Collaborations Amid Tariff PressuresWe hosted investor meetings for CFO SVP, IR & Business Development Ben Porten. The company is working though a challenged industry backdrop to help return to positive comps later in fiscal 2026 (August- end). In particular, 8 IP collaborations are teed up for FY26 that will each last 1-2 months as the clearest way to help drive both traffic & ticket. We get the sense IP collaborations typically contribute LSD% to same-store sales. Mgmt expressed more excitement on planned IP collaborations in F2027, benefiting from the brand's scale as ~2% of sales go towards marketing, split 50% between prizes & traditional marketing/IP collaborations. Management also expressed excitement around broadening the reservation system to non-loyalty rewards members to help improve sales and build more business during shoulder periods.