From Financial Modeling Prep: 2024-11-13 07:29:00

CAVA Group (NYSE:CAVA) stock surged 16% in pre-market trading post announcement of Q3 results. Earnings per share stood at $0.15, beating analyst forecasts of $0.07. Quarterly revenue hit $241.5 million, up 39% from last year, surpassing estimates of $212.79 million.

The company’s growth was driven by an 18.1% rise in same-restaurant sales, with guest traffic up by 12.9%. CAVA opened 11 new restaurants, bringing its total to 352 locations.

Despite challenges like higher labor costs, CAVA saw restaurant-level profit margins rise to 25.6%. The brand’s strong market position and broad customer base were highlighted by these results.

CAVA boosted its full-year 2024 guidance, now expecting same-restaurant sales growth of 12% to 13%, up from the previous 8.5% to 9.5%. This move reflects the company’s confidence in its growth trajectory.



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