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Cava Group Exceeds Q1 Earnings Expectations with EPS $0.12, Revenue Growth of 30.3%, Post Market: -6%

May 28, 2024, 08:11 PM

Cava Group reported its Q1 earnings, surpassing Wall Street expectations. The company achieved a GAAP EPS of $0.12, significantly higher than the estimated $0.05. Revenue also exceeded forecasts, reaching $256.3 million compared to the expected $245.935 million. This marks a 30.3% year-over-year increase from $196.8 million. Additionally, Cava Group reported a net income of $14 million and an average unit volume (AUV) of $2.6 million. The company also raised its FY24 same restaurant sales growth guidance from 3-5% to 4.5-6.5% and adjusted EBITDA guidance from $86-92 million to $100-105 million. Cava Group opened 14 new restaurants during the quarter, bringing the total to 323 locations. The digital revenue mix was reported at 37%. Post-market, Cava Group's stock fell by 6%.