CAVA is continuing to ride high after its IPO debut in June. The fast-casual restaurant company released its Q4 and fiscal year earnings on Monday and the results bucked the industry trends that have so far emerged during earnings season.
For the quarter ended Dec. 31, CAVA saw revenue grow 52.5% to $175.5 million compared to $115.0 million in the prior year quarter. CAVA ended fiscal year 2023 with 59.8% revenue growth to $717.1 million.
Unlike many of its restaurant industry peers, CAVA saw double-digit same-store sales growth both for the quarter and the full year. For Q4, excluding the 53rd week of 2023, same-store sales were up 11.4% while full-year results were up 17.9%.
CAVA same-store sales growth for Q4 consists of 6.2% from guest traffic and 5.2% from menu pricing.
