CAVA Group, Inc. - CAVA STOCK NEWS

CAVA Group reported strong Q2 2024 results, with revenue growing 35.2% year-over-year to $231.4 million. Key highlights include:

- CAVA Same Restaurant Sales Growth of 14.4%, including 9.5% traffic growth
- 18 Net New CAVA Restaurant Openings, bringing total to 341 (22.2% YoY increase)
- CAVA Restaurant-Level Profit Margin of 26.5%
- Net Income of $19.7 million, up from $6.5 million in Q2 2023
- Adjusted EBITDA of $34.3 million, a 59% increase YoY

The company also raised its fiscal full-year 2024 guidance, projecting stronger Same Restaurant Sales Growth and Adjusted EBITDA.

CAVA Group, Inc. (NYSE: CAVA), a Mediterranean fast-casual restaurant brand, has announced it will host a conference call on Thursday, August 22, 2024, at 5:00 PM Eastern Time to discuss its second quarter 2024 financial results and provide a business update. The company will issue a press release with the financial results at approximately 4:10 PM Eastern Time on the same day. Investors can access the live webcast of the call on CAVA's investor relations page at investor.cava.com. A recorded version of the webcast will be available shortly after the call and will remain accessible for up to one year.

CAVA Group (NYSE: CAVA) has been awarded the prestigious 'Legendary SWaN' Award by SWaN & Legend Venture Partners, recognizing its success as a category-defining Mediterranean fast-casual restaurant brand. CEO Brett Schulman accepted the award on behalf of CAVA and its co-founders. As of July 15, 2024, CAVA's market cap exceeds $9 billion, marking one of the most successful consumer IPOs in a decade.

CAVA, founded in 2006, has grown to 337 restaurants across 25 states and Washington D.C. as of June 2024. The company has established itself as a healthy alternative to fast food, offering customizable Mediterranean cuisine. CAVA also operates two manufacturing facilities producing products for its restaurants and select grocery chains.

CAVA has introduced a new menu item: Grilled Steak, which is grass-fed, pasture-raised, and seasoned with Mediterranean flavors like sun-dried tomato powder and Aleppo pepper. The Grilled Steak can be added to any custom order or enjoyed in two new curated dishes: the Steak Mezze Salad and the Steak + Feta Pita. The new item aims to offer a unique, high-quality dining experience accessible to all.

Developed over two years, the Grilled Steak is intended to meet consumer demand for a beef option with a Mediterranean twist. Positive feedback from market tests suggests it will drive repeat visits to CAVA locations nationwide.

CAVA Group reported a robust fiscal first quarter for 2024, marked by a 30.3% revenue growth, totaling $256.3 million, up from $196.8 million the previous year. Same restaurant sales saw a modest 2.3% increase, with a substantial 30.7% growth over two years. The quarter also witnessed the opening of 14 new restaurants, bringing the total to 323, a 22.8% increase year-over-year. CAVA's restaurant-level profit margin stood at 25.2%, translating to $64.6 million, a 29.3% increase from the prior year. The company reported a net income of $14.0 million, a significant improvement from a net loss of $2.1 million in Q1 2023. Adjusted EBITDA nearly doubled to $33.3 million. The digital revenue mix was 37.0%, with a net cash flow of $4.7 million. CAVA has also revised its 2024 fiscal full-year outlook, projecting stronger restaurant openings and sales growth.

CAVA Group, a Mediterranean fast-casual restaurant brand, has announced its participation in three upcoming investor conferences. The company will be present at Bernstein's 40th Annual Strategic Decisions Conference on May 30, 2024, at the Hilton New York Midtown Hotel; William Blair's 44th Annual Growth Stock Conference on June 4, 2024, at Loews Chicago Hotel; and Baird's 2024 Global Consumer, Technology & Services Conference on June 5, 2024, at Intercontinental New York Barclay.

Key attendees from CAVA include Co-Founder and CEO Brett Schulman, CFO Tricia Tolivar, and SVP Finance Matt Milanovich. Each event will feature a fireside chat and investor meetings, with replays available on the company's investor relations website.

CAVA (NYSE: CAVA) has launched a new 55,000-square-foot manufacturing facility in Verona, Virginia, investing $35 million in the project. This state-of-the-art operation focuses on producing dips, spreads, and dressings for CAVA’s restaurants and consumer packaged goods business. The facility has a production capacity of over 100,000 pounds of product per day and employs high-pressure processing technology to preserve flavor and nutritional value without preservatives. The Verona plant supports CAVA's vertically integrated model, aiming to reduce complexity, improve costs, and maintain quality across its restaurants. The initiative is expected to support at least 750 restaurants and drive economic growth in Augusta County.

CAVA Group, Inc. (NYSE: CAVA) will announce its first quarter 2024 financial results on May 28, 2024, followed by a conference call to discuss the results and provide a business update. The webcast will be available live and recorded on the investor relations page of the company's website.