Investors can't get enough Cava after its earnings report

Fast-casual Mediterranean chain Cava reported earnings after the market close on Tuesday, and investors loved the stock almost as much as customers love their braised lamb bowls.

Cava ’ s Q3 revenue grew 39% year over year, to $241.5 million from $173.8 million in 2023, and same-restaurant sales growth jumped 18.1%. Net income also jumped by 165%, to $18 million from $6.8 million.

Forward guidance also jumped from August ’ s numbers: the company is now projecting to open 56 to 58 new stores in FY 2024, up from 54 to 57 stores, and same-restaurant sales growth is expected to jump 12% to 13%, compared to a prior forecast of 8.5% to 9.5%.

CAVA Group Reports Third-Quarter 2024 Results

Forward guidance also jumped from August ’ s numbers: the company is now projecting to open 56 to 58 new stores in FY 2024, up from 54 to 57 stores, and same-restaurant sales growth is expected to jump 12% to 13%, compared to a prior forecast of 8.5% to 9.5%.