On May 28, 2024, CAVA Group, Inc., a Delaware-incorporated company listed on the New York Stock Exchange under the symbol CAVA, released its financial results for the first quarter of fiscal year 2024, which ended on April 21, 2024. The company reported a significant year-over-year revenue increase of 30.3%, reaching $256.3 million, compared to $196.8 million in the previous year. The growth was attributed to the opening of 14 new CAVA restaurants, contributing to a total of 323 locations, and a 2.3% growth in same restaurant sales. The company's net income for the quarter was $14.0 million, a substantial improvement from a net loss of $2.1 million in the same quarter of the previous year. Adjusted EBITDA also saw a significant increase to $33.3 million from $16.7 million year over year...Show More

On May 28, 2024, CAVA Group, Inc., a Delaware-incorporated company listed on the New York Stock Exchange under the symbol CAVA, released its financial results for the first quarter of fiscal year 2024, which ended on April 21, 2024. The company reported a significant year-over-year revenue increase of 30.3%, reaching $256.3 million, compared to $196.8 million in the previous year. The growth was attributed to the opening of 14 new CAVA restaurants, contributing to a total of 323 locations, and a 2.3% growth in same restaurant sales. The company's net income for the quarter was $14.0 million, a substantial improvement from a net loss of $2.1 million in the same quarter of the previous year. Adjusted EBITDA also saw a significant increase to $33.3 million from $16.7 million year over year. CAVA Group's restaurant-level profit margin stood at 25.2%, and the company highlighted its first quarter ever of positive free cash flow. The company's CEO, Brett Schulman, expressed confidence in CAVA's brand strength and growth potential. Additionally, CAVA Group raised its full-year 2024 guidance, indicating a positive outlook for the rest of the fiscal year.