$CAVA Group Q3 '24 Earnings Highlights:
馃敼 EPS: $0.15 (Est. $0.11) 馃煝; UP from $0.06 YoY
馃敼 Revenue: $243.8M (Est. $233.6M) 馃煝; UP +39% YoY
馃敼 Adj EBITDA: $34M (Est. $29M) 馃煝; UP +69% YoY
Raised FY24 Outlook:
馃敼 Adj EBITDA: $121M-$126M (Est. $117M) 馃煝
馃敼 Net New Restaurant Openings: 56-58 (Prev. 54-57)
馃敼 Same Restaurant Sales Growth: 12.0%-13.0% (Prev. 8.5%-9.5%) 馃煝
馃敼 Restaurant-Level Profit Margin: 24.5%-25.0% (Prev. 24.2%-24.7%)
OTHER Q3 METRICS:
Restaurant Metrics
馃敼 Same Restaurant Sales Growth: +18.1% YoY (Est. +12.4%) 馃煝
馃敼 Total Restaurants: 352; UP +21.4% YoY
馃敼 Net New Restaurant Openings: 11 in Q3
馃敼 Average Unit Volume (AUV): $2.8M
馃敼 Guest Traffic Growth: +12.9% YoY
馃敼 Digital Revenue Mix: 35.8%
Financial Details
馃敼 Restaurant-Level Profit: $61.8M; UP +41.9% YoY
馃敼 Restaurant-Level Profit Margin: 25.6% (Prev. 25.1% YoY)
馃敼 Operating Cash Flow: $43.9M
馃敼 Free Cash Flow: $23.4M
馃敼 Cash & Cash Equivalents: $367.2M
Business Highlights
馃敻 National launch of reimagined loyalty program completed
馃敻 Rolled out new labor model ahead of schedule
馃敻 Strong performance and growth from new restaurant openings
馃敻 Consistent growth across all regions and channels
CEO Brett Schulman's Commentary
馃敻 "Our Q3 results reflect the strength of our Mediterranean brand, as we establish Cava as the next major cultural cuisine category with a unique value proposition."