Quarterly revenue comes in at $243.82 million, which beat the analyst consensus estimate of $233.59 million.
CAVA Group, Inc. CAVA reported its third-quarter results after Tuesday's closing bell. Here's a look at the details from the report.
The Details: Cava Group reported quarterly earnings of 15 cents per share, which beat the analyst consensus estimate of 11 cents. Quarterly sales came in at $243.82 million which beat the analyst consensus estimate of $233.59 million and is an increase over sales of $175.55 million from the same period last year.
Net new Cava restaurant openings of 11, bringing total Cava restaurants to 352, a 21.4% increase in total Cava restaurants year-over-year. Cava same-restaurant sales growth of 18.1%, including guest traffic growth of 12.9%. Cava AUV of $2.8 million as compared to $2.6 million in the prior year quarter. Cava restaurant-level profit of $61.8 million or growth of 41.9% over the prior-year quarter, with Cava restaurant-level profit margin of 25.6%. Cava digital revenue mix was 35.8%.
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"Our third quarter results demonstrate the strength of our Mediterranean category-defining brand and the broad appeal of our unique value proposition, creating what is quickly becoming the next major cultural cuisine category," said Brett Schulman, CEO of Cava Group.
"Third quarter traffic grew 12.9%, we opened 11 net new restaurants and, driven by the power of our unit economic engine, we generated average unit volume of $2.8 million. In addition, we continued to execute across our strategic initiatives, completing the national launch of our reimagined loyalty program and rolling out our new labor model ahead of schedule," Schulman added.
Outlook: Cava raised its fiscal year 2024 net new restaurant openings outlook from between 54 and 57 to between 56 and 58 and same-restaurant sales growth outlook from between 8.5% and 9.5% to between 12% and 13%
CAVA Price Action: According to Benzinga Pro, Cava Group shares are up 14.80% after-hours at $166 at the time of publication Tuesday.
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