CAVA Group Inc

Latest Results (17.12.2024):

Revenue Growth

CAVA Group Inc. reported a significant revenue increase of 39.0% for the third quarter of 2024, reaching $241.5 million compared to $173.8 million in the same quarter of the previous year. This growth was primarily driven by the opening of 73 new CAVA restaurants and a same restaurant sales growth of 18.1%, which includes a 12.9% increase in guest traffic.

Profit Margin

For the third quarter of 2024, CAVA Group Inc. achieved a restaurant-level profit margin of 25.6%, slightly up from 25.1% in the third quarter of 2023. This improvement was attributed to higher sales leverage, although it was partially offset by increased wage investments and costs related to the launch of new menu items like grilled steak.

Net Income

CAVA Group Inc. reported a net income of $18.0 million for the third quarter of 2024, which represents a substantial increase from the $6.8 million net income recorded in the same quarter of the previous year. This growth in net income was supported by the strong performance of new restaurant openings and increased same restaurant sales.

Adjusted EBITDA

In the third quarter of 2024, CAVA Group Inc. recorded an adjusted EBITDA of $33.5 million, marking a 69.2% increase from the $19.8 million reported in the third quarter of 2023. The rise in adjusted EBITDA was driven by the successful opening of new restaurants and effective management of general and administrative expenses.

Full-Year Outlook

CAVA Group Inc. has raised its fiscal full-year 2024 guidance, projecting net new restaurant openings between 56 to 58 and same restaurant sales growth of 12.0% to 13.0%. The company also anticipates a restaurant-level profit margin of 24.5% to 25.0% and adjusted EBITDA ranging from $121.0 to $126.0 million, reflecting confidence in its growth strategy and market position.