Cava Group reports Q3 EPS 6c, consensus (1c)

Reports Q3 revenue $175.6M, consensus $171.2M. Reports net new restaurant openings of 11, bringing total Cava Restaurants to 290, a 35.5% increase in total Restaurants year over year. Reports same restaurant sales growth of 14.1%. The company said, “CAVA’s results in the third quarter clearly demonstrate the strength and portability of our category-defining brand and highly differentiated offering. We once again delivered strong top-line growth and impressive unit economics while successfully opening new restaurants across the country. Revenue was up 49.5% over last year, driven by 14.1% CAVA Same Restaurant Sales Growth including 7.6% traffic growth. We now have 290 restaurants across 24 states and the District of Columbia and in the face of consumer headwinds, we are positioned to gain market share and deliver on our extraordinary, long-term potential.”