Summary by Moomoo AI
CAVA Group reported strong Q3 2024 results with revenue growing 39% to $241.5 million, driven by 18.1% same-restaurant sales growth including 12.9% traffic increase. The company added 11 net new restaurants during the quarter, bringing the total to 352 locations, representing a 21.4% YoY expansion.The company demonstrated robust profitability with restaurant-level profit margin reaching 25.6%, up from 25.1% in Q3 2023. Net income surged to $18 million from $6.8 million YoY, while Adjusted EBITDA rose 69.2% to $33.5 million. Digital revenue accounted for 35.8% of total sales.Given the strong performance, CAVA raised its fiscal 2024 guidance, projecting 56-58 new restaurant openings, 12-13% same-restaurant sales growth, and Adjusted EBITDA of $121-126 million. The company maintains strong liquidity with $367.2 million in cash and cash equivalents.
