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Oct 01, 2023
CAVA Q3 2023 Earnings Report
CAVA's revenue increased, driven by same restaurant sales growth and new restaurant openings.
Key Takeaways
CAVA Group reported strong third-quarter results with a 49.5% increase in revenue, driven by a 14.1% increase in same-restaurant sales growth and the opening of 11 new restaurants. Net income was $6.8 million, a significant improvement from the previous year's net loss of $11.9 million.
CAVA Revenue grew by 49.5% to $173.8 million compared to the prior year quarter.
Net New CAVA Restaurant Openings totaled 11, bringing the total CAVA Restaurants to 290.
CAVA Same Restaurant Sales Growth was 14.1%.
CAVA Group Net Income was $6.8 million, compared to a net loss of $11.9 million in the prior year quarter.
Forward Guidance
CAVA Group raised its fiscal full-year 2023 guidance. Net New CAVA Restaurant Openings are expected to be 70 to 73. CAVA Same Restaurant Sales Growth is expected to be 15.0% to 16.0%. CAVA Restaurant-Level Profit Margin is expected to be at least 24.0%. Adjusted EBITDA is expected to be $70.0 to $73.0 million.
Positive Outlook
- Net New CAVA Restaurant Openings: 70 to 73
- CAVA Same Restaurant Sales Growth: 15.0% to 16.0%
- CAVA Restaurant-Level Profit Margin: At least 24.0%
- Pre-opening costs: $14.5 to $15.5 million
- Adjusted EBITDA: $70.0 to $73.0 million
Challenges Ahead
- Actual results may differ materially from CAVA Group's fiscal full-year 2023 guidance.
- Changes in guest perception of our brand
- Our ability to successfully market our restaurants and brand
- Impact of food safety, health department regulations, and food-borne illness concerns
Historical Earnings Impact
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Avg. Return Before/After Earnings
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