CAVA Group reported robust Q3 2024 financial results, with revenue increasing 39% to $243.8 million and net income nearly tripling to $18 million compared to $6.8 million in Q3 2023. The growth was primarily driven by an 18.1% increase in same-restaurant sales, consisting of 12.9% higher guest traffic and 5.2% from menu price and mix improvements. The company added 11 new restaurants during the quarter, bringing the total to 352 locations.Restaurant-level profit margin expanded to 25.6% from 25.1% year-over-year, despite higher labor costs including wage investments and the impact of California's Assembly Bill 1228. General and administrative expenses increased 21.9% to $29.8 million due to investments to support future growth and performance-based compensation timing. The company maintained strong liquidity with $367.2 million in cash and cash equivalents.Management highlighted the successful launch of grilled steak in June and a reimagined loyalty program in October. The company expects to become a large accelerated filer beginning December 30, 2024, as its public float exceeded $700 million. CAVA remains focused on restaurant expansion and operational improvements, with digital revenue mix reaching 35.8% of total sales.

CAVA Group reported robust Q3 2024 financial results, with revenue increasing 39% to $243.8 million and net income nearly tripling to $18 million compared to $6.8 million in Q3 2023. The growth was primarily driven by an 18.1% increase in same-restaurant sales, consisting of 12.9% higher guest traffic and 5.2% from menu price and mix improvements. The company added 11 new restaurants during the quarter, bringing the total to 352 locations.Restaurant-level profit margin expanded to 25.6% from 25.1% year-over-year, despite higher labor costs including wage investments and the impact of California's Assembly Bill 1228. General and administrative expenses increased 21.9% to $29.8 million due to investments to support future growth and performance-based compensation timing. The company maintained strong liquidity with $367.2 million in cash and cash equivalents.Management highlighted the successful launch of grilled steak in June and a reimagined loyalty program in October. The company expects to become a large accelerated filer beginning December 30, 2024, as its public float exceeded $700 million. CAVA remains focused on restaurant expansion and operational improvements, with digital revenue mix reaching 35.8% of total sales.