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Jul 09, 2023
CAVA Q2 2023 Earnings Report
Reported record revenue and profitability, driven by same restaurant sales growth and net new restaurant openings.
Key Takeaways
CAVA Group reported a strong second quarter with significant year-over-year revenue growth of 62.4%, driven by an 18.2% increase in same restaurant sales growth. The company opened 16 net new restaurants and achieved a net income of $6.5 million and Adjusted EBITDA of $21.6 million.
CAVA Revenue grew 62.4% to $171.1 million compared to the prior year quarter.
Net New CAVA Restaurant Openings totaled 16, bringing the total CAVA Restaurants to 279, a 43.1% increase year over year.
CAVA Same Restaurant Sales Growth was 18.2%.
CAVA Group Net Income was $6.5 million compared to a net loss in the prior year quarter.
Revenue by Segment
Forward Guidance
For fiscal full-year 2023, CAVA Group anticipates net new restaurant openings between 65 and 70, same restaurant sales growth between 13.0% and 15.0%, restaurant-level profit margin of at least 23.0%, pre-opening costs between $13.5 and $14.5 million, and Adjusted EBITDA between $62.0 and $67.0 million.
Positive Outlook
- Net New CAVA Restaurant Openings between 65 and 70
- CAVA Same Restaurant Sales Growth between 13.0% and 15.0%
- CAVA Restaurant-Level Profit Margin of at least 23.0%
- Pre-opening costs between $13.5 and $14.5 million
- Adjusted EBITDA between $62.0 and $67.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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