Cava Reports Strong Q1 Earnings with Double-Digit Sales Growth

Cava's First Quarter Financial Performance

• 📊 Cava reported first-quarter earnings of 22 cents a share, which included a significant gain from an income tax benefit.
• 📈 Revenue reached $332 million, surpassing Wall Street's expectation of $327 million.
• 🚀 Same-store sales saw a robust increase of almost 11%, slightly exceeding estimates.
• 🚶 Traffic within stores rose by more than 7% during the quarter.

Cava's Expansion and Financial Outlook

• 🏗️ The Mediterranean restaurant chain opened 15 net new restaurants in the first quarter.
• 🎯 Cava has slightly raised its full-year new opening target to a range of 64 to 68 restaurants.
• 💰 The company is also slightly increasing its forecast for full-year adjusted EBITDA.
• ✅ Cava is reaffirming its outlook for same-store sales growth and restaurant-level profit margins for the full year.
• 📉 Despite the positive results, the stock experienced an initial dip of about 3% after hours.