Summary by Moomoo AI
On November 12, 2024, CAVA Group, Inc. reported its financial results for the third quarter of fiscal year 2024, which ended on October 6, 2024. The company announced a significant year-over-year revenue increase of 39.0%, reaching $241.5 million, compared to $173.8 million in the same quarter of the previous year. The growth was attributed to the opening of 11 new CAVA restaurants and a same restaurant sales growth of 18.1%. The company's net income also saw a substantial rise to $18.0 million, up from $6.8 million in the prior year's quarter. Adjusted EBITDA improved to $33.5 million, marking a 69.2% increase from the previous year. CAVA Group's restaurant-level profit margin stood at 25.6%, and the company highlighted the successful national launch of a reimagined loyalty program and a new labor model. Additionally, CAVA Group raised its full-year 2024 guidance, reflecting confidence in continued growth and operational performance.
