Cava's stock rallies after results beat expectations

Shares of Cava Group Inc. jumped 5% after hours on Tuesday after the fast-casual Mediterranean restaurant chain and recent IPO reported second-quarter results that beat expectations. The company reported net income of $6.5 million, or 21 cents a share, contrasting with a loss of $8.2 million, or $6.23 a share, in the same quarter last year. Revenue rose to $172.9 million, compared with $135.9 million in the prior-year quarter. Same-store sales rose 18.2%. Analysts polled by FactSet expected a loss of 2 cents a share, on revenue of $163.2 million. Consensus Metrix forecast a 10.2% same-store sales gain. Cava said it expected full-year same-store sales gains of 13% to 15%.

-Bill Peters

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08-15-23 1646ET

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