On August 22, 2024, CAVA Group, Inc. reported its financial results for the second quarter ended July 14, 2024. The company announced a significant year-over-year revenue growth of 35.2%, including a same restaurant sales growth of 14.4%. The quarter saw the opening of 18 new CAVA restaurants, contributing to a total of 341 locations, marking a 22.2% increase from the previous year. The company's restaurant-level profit margin stood at 26.5%, with a net income of $19.7 million, a substantial rise from $6.5 million in the prior year. Adjusted EBITDA was reported at $34.3 million, up from $21.6 million. The company also highlighted the successful launch of a new grilled steak menu item and a digital revenue mix of 35.8%. Based on these strong results, CAVA Group raised its full-year 2024 guidance...Show More

On August 22, 2024, CAVA Group, Inc. reported its financial results for the second quarter ended July 14, 2024. The company announced a significant year-over-year revenue growth of 35.2%, including a same restaurant sales growth of 14.4%. The quarter saw the opening of 18 new CAVA restaurants, contributing to a total of 341 locations, marking a 22.2% increase from the previous year. The company's restaurant-level profit margin stood at 26.5%, with a net income of $19.7 million, a substantial rise from $6.5 million in the prior year. Adjusted EBITDA was reported at $34.3 million, up from $21.6 million. The company also highlighted the successful launch of a new grilled steak menu item and a digital revenue mix of 35.8%. Based on these strong results, CAVA Group raised its full-year 2024 guidance, expecting more restaurant openings and higher sales growth than previously forecasted. The company's CEO, Brett Schulman, attributed the success to the brand's strength and the appeal of its Mediterranean fast-casual concept. An earnings conference call was scheduled for the same day to discuss the results and provide a business update.