CAVA Group Inc (NYSE:CAVA) shares jumped more than 11% after-hours following the company’s reported Q2 results, with EPS of $0.21 coming in better than the consensus estimate of ($0.02).
Revenue increased 62.4% year-over-year to $172.9 million, beating the consensus estimate of $163.19M, driven by 102 net new CAVA restaurant openings during or subsequent to Q2/22 and CAVA same-restaurant sales growth of 18.2%.
For the full 2023 year, the company expects net new CAVA restaurant openings in the range of 60 to 70 and CAVA same-restaurant sales growth of 13% to 15%.