Cava Group Stock Climbs on Q2 Results: EPS Beat, Sales Beat, and Raised Guidance
$CAVA Group (CAVA.US)$ reported strong second-quarter earnings, with EPS of 17 cents per share, beating estimates by 41.67%. Sales reached $233.495 million, surpassing expectations by 7% and marking a 35.05% increase year-over-year.
Key Highlights:
Same-restaurant sales grew by 14.4%, driven by a 9.5% increase in traffic and a 4.9% rise from menu pricing and product mix.
The company achieved a 26.5% restaurant-level profit margin, aided by higher sales despite increased wage and input costs.
18 new CAVA restaurants were opened, bringing the total to 341 locations.
The company achieved a 26.5% restaurant-level profit margin, aided by higher sales despite increased wage and input costs.
18 new CAVA restaurants were opened, bringing the total to 341 locations.
Outlook: Cava raised its FY24 adjusted EBITDA guidance to $105 million-$114 million and increased its same-restaurant sales growth forecast to 8.5%-9.5%.
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