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Jul 14, 2024
CAVA Q2 2024 Earnings Report
CAVA's Q2 2024 performance demonstrated the strength of its brand with revenue growth, same restaurant sales growth, and strategic restaurant openings.
Key Takeaways
CAVA Group reported a strong second quarter in 2024, marked by a 35.2% increase in revenue to $231.4 million, driven by new restaurant openings and a 14.4% growth in same restaurant sales. The company opened 18 net new restaurants, bringing the total to 341, and achieved a net income of $19.7 million.
CAVA's revenue increased by 35.2% year-over-year, reaching $231.4 million.
The company expanded its footprint with 18 net new restaurant openings, totaling 341 restaurants.
Same restaurant sales grew by 14.4%, including a 9.5% increase in traffic.
Net income rose to $19.7 million, compared to $6.5 million in the prior year quarter.
CAVA
CAVA
Forward Guidance
CAVA Group raised fiscal full-year 2024 guidance.
Positive Outlook
- Net New CAVA Restaurant Openings: 54 to 57
- CAVA Same Restaurant Sales Growth: 8.5% to 9.5%
- CAVA Restaurant-Level Profit Margin: 24.2% to 24.7%
- Pre-opening costs: $12.0 to $13.0 million
- Adjusted EBITDA: $109.0 to $114.0 million