CAVA Group, Inc.CAVA
▲ PositiveCapitalrelevance
Q2 earnings and revenue beat estimates, driving stock up 12.8%
Impact on stocks 1
Consumer Discretionary
CAVA Group, Inc.Shares of Mediterranean fast-casual restaurant chain CAVA jumped 12.8% in afternoon trading after the company reported second-quarter results that beat analyst estimates for revenue and earnings. Revenue climbed 31.3% year-over-year to $368.4 million, surpassing the consensus estimate of $359.7 million, driven by a 9% increase in same-restaurant sales. Diluted earnings per share came in at $0.19, edging out projections of $0.18. However, full-year guidance for adjusted EBITDA was $186 million at the midpoint, slightly below Wall Street's forecast of $190.6 million. Investors focused on the strong current performance, which caught some short-sellers by surprise and contributed to the stock's upward movement.
CAVA Group, Inc.Q2 earnings and revenue beat estimates, driving stock up 12.8%