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Apr 21, 2024
CAVA Q1 2024 Earnings Report
CAVA's revenue increased by 30.3% driven by new restaurant openings and same restaurant sales growth. Net income reached $14.0 million, a significant increase from the prior year's net loss.
Key Takeaways
CAVA Group reported strong first quarter 2024 results, with revenue growth of 30.3% and net income of $14.0 million. The company opened 14 net new restaurants and saw same restaurant sales growth of 2.3%.
CAVA revenue grew by 30.3% year-over-year, reaching $256.3 million.
The company achieved 14 net new CAVA restaurant openings, bringing the total to 323.
CAVA's same restaurant sales growth was 2.3%.
CAVA Group reported a net income of $14.0 million, a significant improvement from the prior year's net loss of $2.1 million.
Revenue by Segment
Forward Guidance
CAVA Group raised its fiscal full-year 2024 guidance.
Positive Outlook
- Net New CAVA Restaurant Openings: 50 to 54
- CAVA Same Restaurant Sales Growth: 4.5% to 6.5%
- CAVA Restaurant-Level Profit Margin: 23.7% to 24.3%
- Pre-opening costs: $12.0 to $13.0 million
- Adjusted EBITDA: $100.0 to $105.0 million
Challenges Ahead
- Actual results may differ materially from CAVA Group's fiscal full-year 2024 guidance.
- Changes in guest perception of our brand.
- The impact of food safety, health department regulations, and food-borne illness concerns.
- Our ability to maintain or increase prices.
- The impact of increases in food, commodity, energy, and other costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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