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Oct 06, 2024
CAVA Q3 2024 Earnings Report
Reported strong third-quarter results with significant revenue growth and restaurant-level profit margin.
Key Takeaways
CAVA Group reported a strong third quarter with a 39.0% increase in revenue, driven by new restaurant openings and same restaurant sales growth of 18.1%. The company opened 11 net new restaurants, bringing the total to 352. Net income increased to $18.0 million, and the company raised its full-year 2024 guidance.
CAVA revenue grew by 39.0% year-over-year, reaching $241.5 million.
Net new CAVA restaurant openings totaled 11, increasing the total restaurant count to 352.
CAVA same restaurant sales growth was 18.1%, driven by a 12.9% increase in guest traffic.
CAVA restaurant-level profit margin was 25.6%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CAVA Group raised its fiscal full-year 2024 guidance, expecting net new restaurant openings between 56 and 58, same restaurant sales growth between 12.0% and 13.0%, and adjusted EBITDA between $121.0 million and $126.0 million.
Positive Outlook
- Net New CAVA Restaurant Openings: 56 to 58
- CAVA Same Restaurant Sales Growth: 12.0% to 13.0%
- CAVA Restaurant-Level Profit Margin: 24.5% to 25.0%
- Pre-opening costs: $12.0 to $13.0 million
- Adjusted EBITDA: $121.0 to $126.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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