Summary by Futu AI
On February 26, 2024, CAVA Group, Inc., a Delaware-incorporated company listed on the New York Stock Exchange under the symbol CAVA, released its earnings report for the fourth quarter and the fiscal year ending December 31, 2023. The report highlighted a significant revenue growth of 59.8% for the fiscal year, driven by a 17.9% increase in same restaurant sales and the opening of 72 new CAVA restaurants. The company's restaurant-level profit margin also saw a substantial increase to 24.8%. For the fourth quarter, CAVA Group reported a 52.5% revenue growth to $175.5 million and a net income of $2.0 million, a notable improvement from the net loss of $18.8 million in the previous year's quarter. Adjusted EBITDA for the quarter was $15.7 million, up from $3.5 million in the prior year. The company's digital revenue mix stood at 36.0% for the fiscal year. Looking ahead, CAVA Group anticipates opening 48 to 52 new restaurants in fiscal 2024, with same restaurant sales growth projected between 3.0% to 5.0%, and an Adjusted EBITDA forecast of $86.0 to $92.0 million.
