Cava tanks after slashing outlook, missing on revenue

Cava plunged after it reported sales that missed Wall Street expectations and slashed its outlook.

Shares were down 23% in recent after-hours trading.

The company reported revenue of $280.6 million, less than the $285.6 million analysts polled by FactSet predicted. It also reported same-store sales growth of 2.1%, less than the 6.1% the Street was hoping for. Cava now expects that key metric to grow by 6% for the year, down from its previous forecast of 8%.

This overshadowed the fact that it reported earnings per share of $0.16, beating the $0.13 that was expected. Cava isn’t the only one of its peers reporting lackluster sales growth this quarter.

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