CAVA Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 26, 2024 at 07:25 pm EST
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CAVA Group, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 177.17 million compared to USD 129.94 million a year ago. Net income was USD 2.05 million compared to net loss of USD 18.85 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to basic loss per share from continuing operations of USD 13.72 a year ago. Diluted earnings per share from continuing operations was USD 0.02 compared to diluted loss per share from continuing operations of USD 13.72 a year ago.
For the full year, sales was USD 728.7 million compared to USD 564.12 million a year ago. Net income was USD 13.28 million compared to net loss of USD 58.99 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to basic loss per share from continuing operations of USD 44.41 a year ago. Diluted earnings per share from continuing operations was USD 0.21 compared to diluted loss per share from continuing operations of USD 44.41 a year ago.
CAVA Group, Inc. operates a category-defining Mediterranean fast-casual restaurant brand. The Company operates approximately 309 fast-casual CAVA restaurants in 24 states and Washington, D.C. The number of CAVA restaurants excludes two locations operating under a licensing arrangement and digital kitchens. Its Mediterranean cuisine unites taste and health, with a menu that features chef-crated and customizable bowls and pitas. Its dips, spreads, and dressings are centrally produced and sold in grocery stores. Its menu fulfills a range of dietary preferences, from hearty and indulgent to vegan, vegetarian, gluten-free, dairy-free, paleo, keto, and nut-free diets. The Company's guests can choose a chef-curated meal or a build-your-own-bowl or pita using its 38 ingredients with over 17.4 billion combinations. It has developed multi-channel access to in-restaurant dining, digital pick-up, drive-thru pick-up in select restaurants, delivery, catering, and consumer packaged goods offerings.
CAVA GROUP, INC. 
