Cava maintained its full-year outlook for same-restaurant sales growth and new openings.
Credit: Kevin Carter / Getty Images Key Takeaways
Cava shares are surging after the restaurant chain reported strong quarterly results.
The company said it plans to open 75 to 77 new restaurants this year, and maintained its full-year outlook.
Eaters are showing up and chowing down at Cava.
Shares of the fast-casual Mediterranean restaurant chain are rising early Wednesday in the wake of the company’s latest financial results.
Cava (CAVA) turned in year-over-year quarterly guest traffic growth of more than 5%; that helped power same-restaurant sales growth of 9%, topping the 7.4% Visible Alpha consensus. Those numbers may bode well for other companies in the sector.
Cava reported second-quarter revenue of about $368 million, up more than 30% year-over-year and better than analysts had forecast. Earnings of 19 cents per share came in 1 cent ahead of estimates.
The company maintained its full-year outlook, expecting to open 75 to 77 new restaurants this year with same-restaurant sales growing by 4.5% to 6.5%.
Shares of Cava were up 13% in recent trading; they were about flat for the year through yesterday’s close.
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