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What we learned from CAVA's first earnings callWhat we learned from CAVA's first earnings call

Holly Petre, Assistant Digital Editor

August 17, 2023

 

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.

About the Author

Holly Petre

Assistant Digital Editor

Holly Petre is a digital editor for Nation’s Restaurant News as well as the host of NRN’s podcast, Extra Serving, and producer for Informa Restaurant and Food Group’s other three podcasts, One On One by Food Management, Off the Shelf with SN and In the Kitchen with Bret Thorn. Holly holds a Bachelor of Fine Arts with a concentration in Sculpture, fibers and Material Studies and Ceramics from the School of the Art Institute of Chicago. A native New Yorker, Holly enjoys her place on staff as the resident pop-culture expert and millennial with a sassy attitude and great sense of style.

Holly Petre’s work on Nation’s Restaurant News and Restaurant Hospitality often covers marketing and trends, either aimed-at or examined-through the millennial mindset. Holly is responsible for introducing TikTok and Twitch to NRN and RH readers as well as explaining terms like “Karen” to staff and readers alike. She also spends her time on staff trying not to make every headline a pun.

Holly Petre hasn’t spoken at any events or on panels, but she is readily available with a killer shoe wardrobe and several witty quips.

 

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