Cava Group Exceeds Q2 Expectations with Revenue Growth, EPS $0.17; Stock Up 6.5%

Aug 22, 2024, 08:15 PM

Cava Group reported strong second-quarter 2024 earnings, surpassing market expectations. The company's revenue increased by 35.2% year-over-year to $233.5 million, exceeding the anticipated $219.5 million. Earnings per share were $0.17, beating the forecast of $0.12. Same-store sales surged by 14.4%, driven by a 9.5% increase in restaurant traffic. Cava opened 18 new restaurants during the quarter, contributing to its growth. The company also raised its full-year restaurant comparable sales forecast, projecting an 8.5% to 9.5% increase, above the estimated 6.05%. Cava's adjusted EBITDA was $34.3 million, and it achieved a profit margin of 26.5%. Cava's stock rose 6.5% in after-hours trading following the earnings announcement.