CAVA Group, Inc., headquartered in Washington, D.C., reported significant growth in its financial performance for the twelve and forty weeks ended October 6, 2024. The company, which operates 352 fast-casual CAVA restaurants across 25 states and Washington, D.C., achieved total revenue of $243.8 million for the twelve weeks, a 38.9% increase from $175.6 million in the same period of the previous year. For the forty weeks, total revenue rose to $736.3 million, up 33.5% from $551.5 million.

The increase in revenue was primarily driven by the addition of 73 net new CAVA restaurant openings and a same-restaurant sales growth of 18.1%, which included a 12.9% increase in guest traffic and a 5.2% increase from menu price adjustments. CAVA's restaurant-level profit for the twelve weeks was $61.8 million, reflecting a 41.9% increase from $43.6 million in the prior year. For the forty weeks, restaurant-level profit reached $187.7 million, up 35.8% from $138.2 million.

Net income for the twelve weeks ended October 6, 2024, was $18.0 million, compared to $6.8 million for the same period in 2023, marking a 162.9% increase. For the forty weeks, net income was $51.7 million, up from $11.2 million in the previous year. Basic earnings per share for the twelve weeks were $0.16, compared to $0.06 in the prior year, while diluted earnings per share were $0.15, up from $0.06.

CAVA's operating expenses also increased, with total restaurant operating expenses for the twelve weeks at $179.7 million, a 38.0% increase from $130.2 million. The company attributed the rise in expenses to the new restaurant openings and increased labor costs, influenced by an 8% rise in average hourly wages.

In terms of strategic developments, CAVA launched a reimagined loyalty program on October 7, 2024, aimed at enhancing customer relationships. The company also reported a net cash provided by operating activities of $131.2 million for the forty weeks, a 79.5% increase from $73.1 million in the previous year, attributed to improved operating performance and interest income from IPO proceeds.

CAVA's market value exceeded $700 million as of July 14, 2024, leading to its classification as a large accelerated filer starting December 30, 2024. The company will be required to comply with new accounting standards applicable to public companies.