If you’re wondering whether there is demand for Cava after its impressive June IPO, look no further than its first earnings report Tuesday after market. In summation, the Mediterranean concept experienced year-over-year revenue growth above 62% in Q2, driven by same-store sales growth exceeding 18%. Traffic was up by 10.3%.
In Q2, the company opened 16 net new restaurants and ended the quarter with 279 restaurants, a 43.1% increase year-over-year. The company is rapidly planting its flag in new markets, including Missouri and Rhode Island in Q2, and expects 65 to 70 net new units this year, with at least 15% growth in 2024 and 2025. Next year, the first Cava will open in Chicago, establishing the brand in the Upper Midwest.
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