CAVA Group, Inc. (NYSE:CAVA) shares are trading higher in the after-hours session Tuesday after the company reported second-quarter earnings.
What To Know: The company reported quarterly earnings of 21 cents per share which beat the analyst consensus estimate of losses of three cents by 800%. The company reported quarterly sales of $172.89 million, which beat the analyst consensus estimate of $163.20 million by 5.94%.
CAVA reported same-restaurant sales growth of 18.2%. For the fiscal full-year 2023, CAVA Group anticipates same-restaurant sales growth between 13% and 15%.
“Our results in the second quarter demonstrated the power of our restaurant operating model and the growing appeal of the Mediterranean category, which we are defining. Revenue and profitability reached record levels, with 18.2% CAVA Same Restaurant Sales Growth, Net Income of $6.5 million and Adjusted EBITDA of $21.6 million,” said Brett Schulman, Co-Founder and CEO.
“Our dominant leadership position and proven portability create meaningful opportunity for growth in new and existing markets, as evidenced by our 16 Net New CAVA Restaurant Openings during the quarter. Our performance is representative of the momentum we’ve gained and continued focus on execution as we grow.”
Related Link: What’s Going On With Marathon Digital Stock Today?
CAVA Price Action: Shares of CAVA were up 2.39% at $47.50 in the after-hours session at the time of publication, according to Benzinga Pro.
