{"id":82033,"date":"2023-11-08T04:37:17","date_gmt":"2023-11-08T09:37:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/cava-scores-on-earnings-as-same-restaurant-sales-surge\/"},"modified":"2023-11-08T04:37:21","modified_gmt":"2023-11-08T09:37:21","slug":"cava-scores-on-earnings-as-same-restaurant-sales-surge","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82033","title":{"rendered":"Cava Scores on Earnings as Same-Restaurant Sales Surge"},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

The Mediterranean takeout restaurant chain
\n Cava Group
\n reported an unexpected profit, shrugging off the effects of inflation and a generally uncertain economy. <\/p>\n

After the close of trading on Tuesday,
\n Cava
\n (ticker: CAVA) reported earnings of 6 cents a share from revenue of $173.8 million for its fiscal third quarter, which ended Oct. 1. Analysts surveyed by FactSet were expecting the company to post a loss of a penny a share from revenue of $171.5 million.<\/p>\n

\n

Revenue jumped 49.5% from the same time last year as the chain opened 95 restaurants and more people visited its existing outlets, the company said. <\/p>\n

\u201cIt was almost a 50% year-over-year increase in revenue, over 14% same- restaurant sales including 7.6% traffic growth, which kind of bucked the trend of what we\u2019ve seen across the sector at large,\u201d Chief Executive Brett Schulman said in an interview with Barron\u2019s.<\/em> Analysts were expecting same-restaurant sales growth of 7.9%.<\/p>\n

\n Cava
\n also increased its forecast for profit in its fiscal 2023. The company now expects adjusted earnings before interest, taxes, depreciation, and amortization of between $70 million and $73 million, up from the $62 million to $67 million it had predicted.<\/p>\n

The chain, which went public in June, now plans to open 70 to 73 restaurants for the year, compared with the 65 to 70 it had told investors to expect.<\/p>\n

The strong performance comes regardless of inflation, high interest rates, the resumption of payments on student loans, and worry about tensions overseas. <\/p>\n

\u201cIn spite of all that, we\u2019ve been able to drive a really great value proposition with very differentiated unique cuisine\u2014that Mediterranean cuisine, where taste and health unite\u2014that\u2019s allowed us to be resilient in the face of those broader headwinds,\u201d Schulman said. <\/p>\n

Schulman said the last time the company raised prices was in January, with an increase of about 4%. \u201cWhen we talk about value proposition, it\u2019s not necessarily the headline price, but it\u2019s really the bang for the buck and the idea that you\u2019re getting this really satisfying, healthful bowl of food, or pita, for a great price,\u201d he said.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Mediterranean takeout restaurant chain Cava Group reported an unexpected profit, shrugging off the effects of inflation and a generally uncertain economy. After the close of trading on Tuesday, Cava (ticker: CAVA) reported earnings of 6 cents a share from revenue of $173.8 million for its fiscal third quarter, which ended Oct. 1. Analysts surveyed […]<\/p>\n","protected":false},"author":1,"featured_media":82034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82033","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCava Scores on Earnings as Same-Restaurant Sales Surge | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Mediterranean takeout restaurant chain Cava Group reported an unexpected profit, shrugging off the effects of inflation and a generally uncertain\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=82033\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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