CAVA Group (CAVA, Financial) experienced a significant pre-market jump of over 16% as its shares reached a record high of $168.91. This follows the company's strong performance in the third quarter of 2024, marking a 39% increase in revenue year-over-year, totaling $242 million.
The net profit saw an impressive 163% rise from the previous year’s third quarter, reaching $18 million. Same-store sales surged by 18.1%, primarily driven by a 12.9% increase in customer traffic. Furthermore, the company's free cash flow significantly grew to $23.4 million, showcasing a notable enhancement from the prior year.
CAVA also expanded its footprint by opening 11 new restaurants, bringing the total to 352, a 21.4% growth compared to the previous year. CEO Brett Schulman highlighted the brand's strength and strategic initiatives, which include a new loyalty program and workforce model.
The company has also raised its outlook for new restaurant openings and same-store sales growth for the fiscal year 2024.
