Investors can’t get enough Cava after its earnings report
Fast-casual Mediterranean chain Cava reported earnings after the market close on Tuesday, and investors loved the stock almost as much as customers love their braised lamb bowls.
Cava’s Q3 revenue grew 39% year over year, to $241.5 million from $173.8 million in 2023, and same-restaurant sales growth jumped 18.1%. Net income also jumped by 165%, to $18 million from $6.8 million.
Forward guidance also jumped from August’s numbers: the company is now projecting to open 56 to 58 new stores in FY 2024, up from 54 to 57 stores, and same-restaurant sales growth is expected to jump 12% to 13%, compared to a prior forecast of 8.5% to 9.5%.
Forward guidance also jumped from August’s numbers: the company is now projecting to open 56 to 58 new stores in FY 2024, up from 54 to 57 stores, and same-restaurant sales growth is expected to jump 12% to 13%, compared to a prior forecast of 8.5% to 9.5%.
