Cava Group reports Q1 EPS 12c, consensus 4c

Reports Q1 revenue $259M, consensus $245.93M. Reports Q1 same restaurant sales growth 2.3%. “CAVA‘s results in the first quarter demonstrate the strength of our category-defining brand, our clear leadership position in Mediterranean and our compelling differentiated value proposition,” said Brett Schulman, Co-Founder and CEO. “Driven by our highly portable Mediterranean concept and powerful unit economic engine, we generated our fourth consecutive quarter of net income and our first quarter ever of positive free cash flow. During the quarter, Same Restaurant Sales grew 2.3%, an exceptional 30.7% on a 2-year basis. We opened 14 net new restaurants and as we continue to invest in scalable infrastructure to support our growth, we are in a strong position to capture the significant whitespace opportunity ahead of us.”