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