CAVA Group Inc (NYSE:CAVA) reported financial results for the first quarter of fiscal 2024 after market close on Tuesday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Cava’s first-quarter revenue increased 30.3% year-over-year to $256.3 million, which beat the consensus estimate of $245.935 million, according to Benzinga Pro. The Mediterranean fast-casual restaurant chain company reported quarterly earnings of 12 cents per share, which beat analyst estimates of 5 cents per share.
Net cash provided by operating activities totaled $38.4 million in the first quarter. The company generated $4.7 million of free cash flow during the quarter.
Cava reported the same restaurant sales growth of 2.3%. The company said it opened 14 new restaurants during the quarter, bringing total locations up to 323, up 22.3% year-over-year.
“CAVA’s results in the first quarter demonstrate the strength of our category-defining brand, our clear leadership position in Mediterranean and our compelling differentiated value proposition,” said Brett Schulman, co-founder and CEO of Cava Group.
“We opened 14 net new restaurants and as we continue to invest in scalable infrastructure to support our growth, we are in a strong position to capture the significant whitespace opportunity ahead of us.”
FY24 Outlook: Cava expects full-year same-restaurant sales growth to be between 4.5% and 6.5%, up from a prior range of 3% to 5%. Full-year adjusted EBITDA is expected to be between $100 million and $105 million, up from a prior range of $86 million to $92 million. Cava noted it expects to open between 50 and 54 new restaurants throughout 2024.
Management will hold a conference call to discuss the company’s quarterly results at 5 p.m. ET.
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CAVA Price Action: Cava shares were up approximately 91% year-to-date heading into the print. The stock was down 6.91% after hours on Tuesday at $76.60 at the time of publication, according to Benzinga Pro.
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