CAVA Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended October 01, 2023
November 07, 2023 at 04:17 pm EST
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CAVA Group, Inc. reported earnings results for the third quarter and nine months ended October 01, 2023. For the third quarter, the company reported sales was USD 175.55 million compared to USD 139.26 million a year ago. Net income was USD 6.83 million compared to net loss of USD 11.89 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to basic loss per share from continuing operations of USD 8.96 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to diluted loss per share from continuing operations of USD 8.96 a year ago.
For the nine months, sales was USD 551.53 million compared to USD 434.18 million a year ago. Net income was USD 11.23 million compared to net loss of USD 40.14 million a year ago. Basic earnings per share from continuing operations was USD 0.26 compared to basic loss per share from continuing operations of USD 30.54 a year ago. Diluted earnings per share from continuing operations was USD 0.24 compared to diluted loss per share from continuing operations of USD 30.54 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. 
