Q1 2024 CAVA Group Inc Earnings Call Transcript
Key Points
- Cava Group Inc (CAVA) reported a 30.3% increase in revenue for Q1 2024.
- The company achieved its first-ever quarter of positive free cash flow, amounting to $4.7 million.
- Cava Group Inc (CAVA) opened 14 net new restaurants in Q1, ending the quarter with 323 restaurants, a 22.8% increase year-over-year.
- The company reported a net income of $14 million, surpassing the total net income for all of 2023.
- Cava Group Inc (CAVA) has a strong balance sheet with $329.1 million in cash on hand and no debt outstanding.
- Same-restaurant sales growth was only 2.3%, with a decline in traffic of 1.2%.
- The company anticipates an increase in food, beverage, and packaging costs due to the launch of a new steak offering.
- Labor and related costs increased by 30 basis points year-over-year, reflecting higher team member wages.
- Other operating expenses rose by 70 basis points, driven by investments in physical spaces.
- Despite strong new unit openings, there is a potential traffic headwind as the company anniversaries the IPO buzz from summer 2023.
Good afternoon, ladies and gentlemen, and welcome to CAVA's First Quarter 2024 Financial Results Conference Call. (Operator Instructions) I would now like to turn the conference over to Matt Milanovich, Head of Investor Relations. Please go ahead.
Good afternoon, and welcome to CAVA's First Quarter 2024 Financial Results Conference Call. Before we begin, if you do not already have a copy, the earnings release and related 8-K furnished with the SEC are available on our website at investor.cava.com. The purpose of this conference call is to give investors further details regarding the company's financial results as well as a general update on the company's progress.
You will find reconciliations of any non-GAAP financial measure discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP, to the extent available without unreasonable efforts, in today's earnings release and supplemental deck, each of which is posted on the company's website.
Before we begin, let me remind everyone that
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
