Cava Group reports Q3 EPS 15c, consensus 11c

Reports Q3 revenue $243.82M, consensus $233.59M. Reports CAVA Same Restaurant Sales Growth of 18.1%, including guest traffic growth of 12.9%. “Our third quarter results demonstrate the strength of our Mediterranean category-defining brand and the broad appeal of our unique value proposition, creating what is quickly becoming the next major cultural cuisine category,” said Brett Schulman, Co-Founder and CEO. “Third quarter traffic grew 12.9%, we opened 11 net new restaurants and, driven by the power of our unit economic engine, we generated average unit volume of $2.8 million. In addition, we continued to execute across our strategic initiatives, completing the national launch of our reimagined loyalty program and rolling out our new labor model ahead of schedule.”