CAVA Group beats by $0.04, beats on revs; comps +14.4%; increases FY24 adjusted EBITDA outlook and raises comp guidance (101.92 -0.90)
- Reports Q2 (Jun) earnings of $0.17 per share, $0.04 better than the FactSet Consensus of $0.13; revenues rose 35.1% year/year to $233.5 mln vs the $219.47 mln FactSet Consensus.
- CAVA Same Restaurant Sales Growth of +14.4%, including traffic growth of 9.5%.
- Net New CAVA Restaurant Openings of 18, bringing total CAVA Restaurants to 341, a 22.2% yr/yr increase.
- CAVA AUV of $2.7 mln vs $2.6 mln in the prior year quarter.
- Adjusted EBITDA rose 59% yr/yr to $34.3 mln, or 14.7% of revenue, primarily driven by the number and strength of performance of Net New CAVA Restaurant Openings.
- Co increases FY24 adjusted EBITDA outlook to $109-114 mln from $100-105 mln; also raises comp guidance to +8.5-9.5% from +4.5-6.5%.
- Co increases FY24 outlook for new openings to 54-57 from 50-54.