Cava Group reports Q1 EPS 22c, consensus 15c

Reports Q1 revenue $328.5M, consensus $327.71M. Reports Q1 CAVA Same Restaurant Sales Growth of 10.8%, including guest traffic growth of 7.5%. “In spite of economic uncertainty and challenging weather, CAVA’s first quarter results demonstrate the continued strength of our category-defining brand,” said Brett Schulman, Co-Founder and CEO. “First quarter same restaurant sales grew 10.8%, including traffic growth of 7.5%. We opened 15 net new restaurants during the quarter and with our entry into Indiana we are now in 26 states and the District of Columbia. In addition to these highlights, I’m proud to say that on a trailing twelve-month basis, we have now surpassed a billion dollars in revenue – a milestone that is a testament to Mediterranean becoming the next large scale cultural cuisine category, a category we have firmly established our leadership in.”