YEAR OVER YEAR CAVA REVENUE GROWTH OF 49.5%
DRIVEN BY CAVA SAME RESTAURANT SALES GROWTH OF 14.1%
THIRD QUARTER 2023 CAVA RESTAURANT-LEVEL
PROFIT MARGIN OF 25.1%
11 NET NEW CAVA RESTAURANT OPENINGS DURING
QUARTER
CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”),
the category-defining Mediterranean fast-casual restaurant brand
that brings heart, health, and humanity to food, today announced
financial results for its fiscal third quarter ended October 1,
2023.
"CAVA’s results in the third quarter clearly demonstrate the
strength and portability of our category-defining brand and highly
differentiated offering. We once again delivered strong top-line
growth and impressive unit economics while successfully opening new
restaurants across the country. Revenue was up 49.5% over last
year, driven by 14.1% CAVA Same Restaurant Sales Growth including
7.6% traffic growth. We now have 290 restaurants across 24 states
and the District of Columbia and in the face of consumer headwinds,
we are positioned to gain market share and deliver on our
extraordinary, long-term potential," said Brett Schulman,
Co-Founder and CEO.
Fiscal Third Quarter 2023 Highlights:
- CAVA Revenue grew 49.5% to $173.8 million as compared to
$116.2 million in the prior year quarter.
- Net New CAVA Restaurant Openings of 11, bringing total
CAVA Restaurants to 290, a 35.5% increase in total CAVA Restaurants
year over year.
- CAVA Same Restaurant Sales Growth of 14.1%.
- CAVA AUV of $2.6 million as compared to $2.4 million in
the prior year quarter.
- CAVA Restaurant-Level Profit of $43.6 million or growth
of 72.8% over the prior year quarter, with CAVA Restaurant-Level
Profit Margin of 25.1%, a 340 basis point increase over the
prior year quarter.
- CAVA Digital Revenue Mix was 35.5%.
- CAVA Group Net Income of $6.8 million compared to net
loss of $11.9 million in the prior year quarter.
- CAVA Group Adjusted EBITDA of $19.8 million compared to
$4.8 million in the prior year quarter.
CAVA Fiscal Third Quarter 2023 Review:
CAVA Revenue was $173.8 million, an increase of 49.5% compared
to the fiscal third quarter of 2022. The increase was driven by 95
Net New CAVA Restaurant Openings during or subsequent to the fiscal
third quarter of 2022 and CAVA Same Restaurant Sales Growth of
14.1%. CAVA Same Restaurant Sales Growth consists of 7.6% from
guest traffic and 6.5% from menu price and product mix.
CAVA Restaurant-Level Profit Margin was 25.1%, an increase of
340 basis points compared to the fiscal third quarter of 2022. CAVA
Restaurant-Level Profit Margin increased due to lower food,
beverage, and packaging as a percentage of revenue, driven by lower
input costs and higher incidence of premium menu items driving
favorable product mix, as well as sales leverage on labor and
occupancy.
CAVA Group Fiscal Third Quarter 2023 Review:
General and administrative expenses were $24.5 million, or 13.9%
of revenue, as compared to $16.5 million, or 11.9% of revenue, in
the fiscal third quarter of 2022. General and administrative
expenses, excluding equity-based compensation1, were $21.3 million,
or 12.1% of revenue, as compared to $15.4 million, or 11.1% of
revenue, in the fiscal third quarter of 2022. The increase of 1.0%
was primarily due to recurring public company costs and higher
performance based accruals, partially offset by leverage from
higher sales.
Net income was $6.8 million, or 3.9% of revenue, as compared to
net loss of $11.9 million in the fiscal third quarter of 2022.
Adjusted EBITDA1 was $19.8 million, or 11.3% of revenue, an
increase of $15.0 million compared to the fiscal third quarter of
2022. The increase was primarily driven by CAVA Same Restaurant
Sales Growth, improved CAVA Restaurant-Level Profit Margin, and the
productivity of Net New CAVA Restaurant Openings. These increases
were partially offset by increased general and administrative
expenses in the third quarter of 2023 compared with the prior year
quarter, as previously noted.
__________________
1
General and administrative expenses,
excluding equity-based compensation and Adjusted EBITDA are
non-GAAP financial measures. Reconciliations to the most directly
comparable financial measures presented in accordance with GAAP are
set forth in the tables at the end of this press release.
Fiscal Full-Year 2023 Outlook:
CAVA Group announced today that it has raised fiscal full-year
2023 guidance, as follows:
August 15, 2023
November 7, 2023
Net New CAVA Restaurant Openings
65 to 70
70 to 73
CAVA Same Restaurant Sales Growth
13.0% to 15.0%
15.0% to 16.0%
CAVA Restaurant-Level Profit Margin
At least 23.0%
At least 24.0%
Pre-opening costs
$13.5 to $14.5 million
$14.5 to $15.5 million
Adjusted EBITDA
$62.0 to $67.0 million
$70.0 to $73.0 million
Actual results may differ materially from CAVA Group's fiscal
full-year 2023 guidance as a result of, among other things, the
factors described under "Forward-Looking Statements" below.
A reconciliation of the forward-looking fiscal 2023 Adjusted
EBITDA to net income (loss) cannot be provided without unreasonable
effort because of the inherent difficulty of accurately forecasting
the occurrence and financial impact of the various adjusting items
necessary for such reconciliation that have not yet occurred, are
out of our control, or cannot be reasonably predicted.
About CAVA Group:
CAVA is the category-defining Mediterranean fast-casual
restaurant brand, bringing together healthful food and bold,
satisfying flavors at scale. Our brand and our opportunity
transcend the Mediterranean category to compete in the large and
growing limited-service restaurant sector as well as the health and
wellness food category. CAVA serves guests across gender lines, age
groups, and income levels and benefits from generational tailwinds
created by consumer demand for healthy living and a demographic
shift towards greater ethnic diversity. We meet consumers’ desires
to engage with convenient, authentic, purpose-driven brands that
view food as a source of self-expression. The broad appeal of our
food combined with these favorable industry trends drive our vast
opportunity for continued growth.
Earnings Conference Call:
The Company will host a conference call, November 7, 2023, at
5:00 PM Eastern Time to discuss third quarter 2023 financial
results as well as provide a business update. Investors will have
the opportunity to listen to the conference call live through the
webcast from the company's website on the investor relations page
at investor.cava.com. A recorded webcast will be available on
CAVA's investor relations website shortly after the call and
available for up to one year.
Cautionary Statement Regarding Forward-Looking
Statements:
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that reflect our current views with respect to, among other
things, our operations and financial performance. Forward-looking
statements include all statements that are not historical facts.
These forward-looking statements relate to matters such as our
industry, business strategy, goals, and expectations concerning our
market position, future operations, margins, profitability, capital
expenditures, liquidity and capital resources, and other financial
and operating information. These statements may include words such
as “anticipate,” “assume,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “future,” “will,” “seek,” “foreseeable,”
"outlook," the negative version of these words or similar terms and
phrases to identify forward-looking statements in this press
release.
The forward-looking statements contained in this press release
are based on management’s current expectations and are not
guarantees of future performance. The forward-looking statements
are subject to various risks, uncertainties, assumptions, or
changes in circumstances that are difficult to predict or quantify.
Our expectations, beliefs, and projections are expressed in good
faith, and we believe there is a reasonable basis for them.
However, there can be no assurance that management’s expectations,
beliefs, and projections will result or be achieved. Actual results
may differ materially from these expectations due to changes in
global, regional, or local economic, business, competitive, market,
regulatory, and other factors, many of which are beyond our
control. We believe that these factors include but are not limited
to the following: our operation in a highly competitive industry;
our ability to open new restaurants while managing our growth
effectively and maintaining our culture; our ability to
successfully identify appropriate locations and develop and expand
our operations in existing and new markets; the profitability of
new restaurants, and any impact to sales at our existing locations;
the impact of changes in guest perception of our brand; our ability
to successfully market our restaurants and brand; the impact of
food safety, health department regulations, and food-borne illness
concerns together with our ability to adequately address such
concerns and meet regulatory obligations, including at our
manufacturing facilities; our ability to maintain or increase
prices; our ability to accurately predict guest trends and demand
and successfully introduce new menu offerings and improve our
existing menu offerings; the risks associated with leasing
property; our ability to successfully expand our digital and
delivery business; our ability to utilize, recognize, respond to,
and effectively manage the immediacy of social media; our ability
to achieve or maintain profitability in the future, especially if
we continue to grow at an accelerated rate; our ability to realize
the anticipated benefits from past and potential future
acquisitions, investments or other strategic initiatives; our
ability to manage our manufacturing and supply chain effectively;
the impact of shortages, delays, or interruptions in the delivery
of food items and other products; our ability to successfully
optimize, operate, and manage our production facilities; the risks
associated with our reliance on third parties; the impact of
increases in food, commodity, energy, and other costs; the impact
of increases in labor costs, labor shortages, and our ability to
identify, hire, train, motivate and retain the right team members;
our ability to attract, develop, and retain our management team and
key team members; the impact of any cybersecurity breaches and our
ability to respond effectively to technology threats or events; the
impact of failures, or interruptions in, or our inability to
effectively scale and adapt, our information technology systems;
our ability to comply with, or changes in, the extensive laws or
regulations requirements to which we are subject, including those
related to privacy; the impact of economic factors and guest
behavior trends; the impact of evolving rules and regulations with
respect to environmental, social and governance matters; risks
associated with our ability to secure, and protect our intellectual
property; risks associated with civil unrest, acts of terrorism,
threats to national security, the conflicts in Eastern Europe and
the Middle East and other geopolitical events, including potential
discriminatory perspectives towards certain cuisines; any failure
of lawmakers to agree on a budget or appropriation legislation to
fund the federal government’s operations (also known as a
government shutdown), and financial markets’ and businesses’
reactions to any such failure; the impact of climate change and
volatile adverse weather conditions; and each of the other factors
set forth under the heading “Risk Factors” in our filings with the
United States Securities and Exchange Commission.
The forward-looking statements included in this press release
are made only as of the date hereof. Any forward-looking statement
made by us in this press release speaks only as of the date of this
press release and are expressly qualified in their entirety by the
cautionary statements included in this press release. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them.
Non-GAAP Financial Measures:
In addition to our consolidated financial statements, which are
prepared in accordance with GAAP, we present Adjusted EBITDA,
Adjusted EBITDA Margin, and general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, in this press release as supplemental
measures of financial performance that are not required by, or
presented in accordance with, GAAP. We believe they assist
investors and analysts in comparing our operating performance
across reporting periods on a consistent basis by excluding items
that we do not believe are indicative of our operating performance.
Management believes Adjusted EBITDA, Adjusted EBITDA Margin, and
general and administrative expenses, excluding equity-based
compensation and certain non-recurring public company costs, are
useful to investors in highlighting trends in our operating
performance, while other measures can differ significantly
depending on long-term strategic decisions regarding capital
structure, the tax jurisdictions in which we operate, and capital
investments. Management uses Adjusted EBITDA, Adjusted EBITDA
Margin, and general and administrative expenses, excluding
equity-based compensation and certain non-recurring public company
costs, to supplement GAAP measures of performance in the evaluation
of the effectiveness of our business strategies, to make budgeting
decisions, and to compare our performance against that of other
peer companies using similar measures. Management supplements GAAP
results with non-GAAP financial measures to provide a more complete
understanding of the factors and trends affecting the business than
GAAP results alone provide.
Adjusted EBITDA, Adjusted EBITDA Margin, and general and
administrative expenses, excluding equity-based compensation and
certain non-recurring public company costs, are not recognized
terms under GAAP and should not be considered as alternatives to
net income (loss), net income (loss) margin, or general and
administrative expenses, as applicable, as measures of financial
performance or cash provided by operating activities as measures of
liquidity, or any other performance measure derived in accordance
with GAAP. Additionally, Adjusted EBITDA and Adjusted EBITDA Margin
are not intended to be measures of free cash flow available for
management’s discretionary use, as they do not consider certain
cash requirements such as interest payments, tax payments, and debt
service requirements. Adjusted EBITDA and Adjusted EBITDA Margin
should not be considered as measures of discretionary cash
available to invest in the business growth or to reduce
indebtedness. Our non-GAAP measures have limitations as analytical
tools, and you should not consider them in isolation, or as
substitutes for analysis of our results as reported under GAAP.
Some of these limitations are:
- Adjusted EBITDA does not reflect our cash expenditures or
future requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs;
- Adjusted EBITDA does not reflect the interest expense, or the
cash requirements necessary to service interest or principal
payments, on our debts;
- Adjusted EBITDA does not reflect period to period changes in
taxes, income tax expense, or the cash necessary to pay income
taxes;
- Adjusted EBITDA does not reflect the impact of earnings or cash
charges resulting from matters we consider not to be indicative of
our ongoing operations;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect any
cash requirements for such replacements; and
- other companies in our industry may calculate Adjusted EBITDA,
Adjusted EBITDA Margin and general and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, differently than we do, limiting their
usefulness as comparative measures.
CAVA GROUP, INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve Weeks Ended
Forty Weeks Ended
(in thousands, except per share
amounts)
October 1, 2023
October 2, 2022
October 1, 2023
October 2, 2022
Revenue
$
175,553
$
139,258
$
551,530
$
434,184
Operating expenses:
Restaurant operating costs (excluding
depreciation and amortization)
Food, beverage, and packaging
51,818
44,617
161,936
139,262
Labor
43,913
37,193
138,484
121,946
Occupancy
13,782
12,302
43,781
41,256
Other operating expenses
21,553
18,738
66,847
57,563
Total restaurant operating expenses
131,066
112,850
411,048
360,027
General and administrative expenses
24,472
16,547
76,817
53,768
Depreciation and amortization
11,528
10,018
35,096
31,783
Restructuring and other costs
1,092
2,055
5,160
4,989
Pre-opening costs
3,410
6,175
12,809
14,225
Impairment and asset disposal costs
1,190
3,838
4,295
9,848
Total operating expenses
172,758
151,483
545,225
474,640
Income (loss) from operations
2,795
(12,225
)
6,305
(40,456
)
Interest (income) expense, net
(3,956
)
(115
)
(4,630
)
262
Other income, net
(120
)
(188
)
(412
)
(644
)
Income (loss) before income taxes
6,871
(11,922
)
11,347
(40,074
)
Provision for (benefit from) income
taxes
38
(29
)
116
67
Net income (loss)
$
6,833
$
(11,893
)
$
11,231
$
(40,141
)
Earnings (loss) per common
share:
Net income (loss) per share, basic
$
0.06
$
(8.96
)
$
0.26
$
(30.54
)
Net income (loss) per share, diluted
$
0.06
$
(8.96
)
$
0.24
$
(30.54
)
Weighted average shares outstanding,
basic
113,584
1,327
43,244
1,314
Weighted average shares outstanding,
diluted
117,713
1,327
45,966
1,314
Financial information for the Company’s reportable segments was
as follows for the periods presented:
Twelve Weeks Ended
Forty Weeks Ended
($ in thousands)
October 1, 2023
October 2, 2022
October 1, 2023
October 2, 2022
Revenue
CAVA
$
173,759
$
116,213
$
541,609
$
333,546
Zoes Kitchen
—
21,432
3,867
94,996
Other
1,794
1,613
6,054
5,642
Total revenue
175,553
139,258
551,530
434,184
Restaurant-level operating expenses
(1)
CAVA
130,179
90,992
403,430
265,480
Zoes Kitchen
—
20,263
4,044
89,497
Other
887
1,595
3,574
5,050
Total restaurant-level operating
expenses
131,066
112,850
411,048
360,027
Restaurant-level profit (loss)
CAVA
43,580
25,221
138,179
68,066
Zoes Kitchen
—
1,169
(177
)
5,499
Other
907
18
2,480
592
Total restaurant-level profit
44,487
26,408
140,482
74,157
Reconciliation of restaurant-level profit
to income (loss) before income taxes:
General and administrative expenses
24,472
16,547
76,817
53,768
Depreciation and amortization
11,528
10,018
35,096
31,783
Restructuring and other costs
1,092
2,055
5,160
4,989
Pre-opening costs
3,410
6,175
12,809
14,225
Impairment and asset disposal costs
1,190
3,838
4,295
9,848
Interest (income) expense, net
(3,956
)
(115
)
(4,630
)
262
Other income, net
(120
)
(188
)
(412
)
(644
)
Income (loss) before income taxes
$
6,871
$
(11,922
)
$
11,347
$
(40,074
)
__________________
(1) Restaurant-level operating expenses
consist of food, beverage, and packaging (excluding depreciation
and amortization), labor, occupancy, and other operating
expenses.
CAVA is now our single operating brand for our operations as we
have converted and wound down our Zoes Kitchen operations, with the
last conversion restaurant opening on October 20, 2023. As a
result, we have highlighted the CAVA segment distinctly from CAVA
Group results throughout this press release.
The following tables summarize the results of the CAVA segment
for the twelve and forty weeks ended October 1, 2023 and October 2,
2022:
Twelve Weeks Ended
October 1, 2023
October 2, 2022
Change
($ in thousands)
$
% of Revenue
$
% of Revenue
$
%
Restaurant revenue
$
173,759
100.0
%
$
116,213
100.0
%
$
57,546
49.5
%
Restaurant operating expenses (excluding
depreciation and amortization)
Food, beverage, and packaging
51,085
29.4
36,402
31.3
14,683
40.3
Labor
43,913
25.3
30,232
26.0
13,681
45.3
Occupancy
13,782
7.9
9,747
8.4
4,035
41.4
Other operating expenses
21,399
12.3
14,611
12.6
6,788
46.5
Total restaurant operating expenses
130,179
74.9
90,992
78.3
39,187
43.1
Restaurant-level profit
$
43,580
25.1
%
$
25,221
21.7
%
$
18,359
72.8
%
Forty Weeks Ended
October 1, 2023
October 2, 2022
Change
($ in thousands)
$
% of Revenue
$
% of Revenue
$
%
Restaurant revenue
$
541,609
100.0
%
$
333,546
100.0
%
$
208,063
62.4
%
Restaurant operating expenses (excluding
depreciation and amortization)
Food, beverage, and packaging
157,720
29.1
105,258
31.6
52,462
49.8
Labor
136,978
25.3
89,902
27.0
47,076
52.4
Occupancy
43,273
8.0
30,114
9.0
13,159
43.7
Other operating expenses
65,459
12.1
40,206
12.1
25,253
62.8
Total restaurant operating expenses
403,430
74.5
265,480
79.6
137,950
52.0
Restaurant-level profit
$
138,179
25.5
%
$
68,066
20.4
%
$
70,113
103.0
%
The following table presents selected quarterly financial and
other data as of the periods indicated:
Twelve Weeks Ended
Twelve Weeks Ended
Sixteen Weeks Ended
Twelve Weeks Ended
Twelve Weeks Ended
October 1, 2023
July 9, 2023
April 16, 2023
December 25,
2022
October 2, 2022
(Q3 2023)
(Q2 2023)
(Q1 2023)
(Q4 2022)
(Q3 2022)
Net New CAVA Restaurant Openings
11
16
26
23
19
CAVA Restaurants, end of period
290
279
263
237
214
CAVA Same Restaurant Sales Growth
14.1
%
18.2
%
28.4
%
14.8
%
9.2
%
CAVA AUV(1)
$
2,640
$
2,599
$
2,547
$
2,398
$
2,383
CAVA Restaurant-Level Profit
$
43,580
$
44,616
$
49,983
$
23,027
$
25,221
CAVA Restaurant-Level Profit Margin
25.1
%
26.1
%
25.4
%
20.0
%
21.7
%
CAVA Operating Weeks
3,432
3,276
3,932
2,687
2,442
__________________
(1) For purposes of calculating CAVA AUV
for Q3 2022, Q4 2022, Q1 2023, Q2 2023, and Q3 2023 the applicable
measurement period is the entire trailing thirteen periods ended
October 2, 2022, December 25, 2022, April 16, 2023, July 9, 2023,
and October 1, 2023, respectively.
The following table presents the Company’s selected balance
sheet and cash flow data as of the periods indicated:
($ in thousands)
October 1, 2023
December 25,
2022
SELECTED BALANCE SHEET DATA
Cash and cash equivalents
$
340,399
$
39,125
Total assets
984,974
583,883
Total liabilities
419,251
370,078
Redeemable preferred stock
—
662,308
Total stockholders’ equity
565,723
(448,503
)
Total liabilities, preferred stock and
stockholders' equity
984,974
583,883
Forty Weeks Ended
($ in thousands)
October 1, 2023
October 2, 2022
SELECTED CASH FLOW DATA
Net cash provided by operating
activities
$
73,088
$
5,229
Net cash used in investing activities
(107,564
)
(71,736
)
Net cash provided by (used in) financing
activities
335,750
(1,659
)
Net change in cash and cash
equivalents
$
301,274
$
(68,166
)
The following table shows the growth in our company-owned CAVA
restaurant base:
Twelve Weeks Ended
Forty Weeks Ended
October 1, 2023
October 2, 2022
October 1, 2023
October 2, 2022
CAVA Restaurants
Beginning of period
279
195
237
164
New CAVA restaurant openings, including
converted Zoes Kitchen locations
11
19
54
51
Permanent closure
—
—
(1
)
(1
)
End of period
290
214
290
214
Reconciliation of Non-GAAP Financial Measures
The following table reconciles net income (loss) to Adjusted
EBITDA for the periods indicated:
Twelve Weeks Ended
Forty Weeks Ended
($ in thousands)
October 1, 2023
October 2, 2022
October 1, 2023
October 2, 2022
Net income (loss)
$
6,833
$
(11,893
)
$
11,231
$
(40,141
)
Non-GAAP Adjustments
Interest (income) expense, net
(3,956
)
(115
)
(4,630
)
262
Provision for (benefit from) income
taxes
38
(29
)
116
67
Depreciation and amortization
11,528
10,018
35,096
31,783
Equity-based compensation
3,183
1,152
6,166
2,964
Other income, net
(120
)
(188
)
(412
)
(644
)
Impairment and asset disposal costs
1,190
3,838
4,295
9,848
Restructuring and other costs
1,092
2,055
5,160
4,989
Certain non-recurring public company
costs
—
—
1,113
—
Adjusted EBITDA
$
19,788
$
4,838
$
58,135
$
9,128
Revenue
$
175,553
$
139,258
$
551,530
$
434,184
Net income (loss) margin
3.9
%
(8.5
)%
2.0
%
(9.2
)%
Adjusted EBITDA margin
11.3
%
3.5
%
10.5
%
2.1
%
The following table reconciles general and administrative
expenses to general and administrative expenses, excluding
equity-based compensation and certain non-recurring public company
costs for the periods indicated:
Twelve Weeks Ended
Forty Weeks Ended
($ in thousands)
October 1, 2023
October 2, 2022
October 1, 2023
October 2, 2022
General and administrative expenses
$
24,472
$
16,547
$
76,817
$
53,768
Equity-based compensation
3,183
1,152
6,166
2,964
Certain non-recurring public company
costs
—
—
1,113
—
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs
$
21,289
$
15,395
$
69,538
$
50,804
Revenue
$
175,553
$
139,258
$
551,530
$
434,184
General and administrative expenses, as a
percentage of revenue
13.9
%
11.9
%
13.9
%
12.4
%
General and administrative expenses,
excluding equity-based compensation and certain non-recurring
public company costs, as a percentage of revenue
12.1
%
11.1
%
12.6
%
11.7
%
Glossary:
The following definitions apply to these terms as used in this
press release:
“Adjusted EBITDA” is defined as net income (loss) adjusted to
exclude interest expense (income), net, provision for income taxes,
and depreciation and amortization, further adjusted to exclude
equity-based compensation, other income, net, impairment and asset
disposal costs, restructuring and other costs, and certain
non-recurring public company costs;
“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a
percentage of revenue;
“CAVA Average Unit Volume” or “CAVA AUV” represents total
revenue of operating CAVA Restaurants that were open for the entire
trailing thirteen periods, and digital kitchens sales for such
period, divided by the number of operating CAVA Restaurants that
were open for the entire trailing thirteen periods;
“CAVA Digital Revenue Mix” represents the portion of CAVA
revenue related to digital orders as a percentage of total CAVA
revenue;
“CAVA Operating Weeks” represents the aggregate number of weeks
each of our CAVA Restaurants has been open in a given period;
“CAVA Restaurant-Level Profit,” a segment measure of profit and
loss, represents CAVA Revenue in the specified period less food,
beverage, and packaging, labor expenses, occupancy expenses, and
other operating expenses, excluding depreciation and amortization,
in the period. CAVA Restaurant-Level Profit excludes pre-opening
costs;
“CAVA Restaurant-Level Profit Margin” represents CAVA
Restaurant-Level Profit as a percentage of CAVA Revenue;
“CAVA Restaurants” is defined to include all CAVA restaurants,
including converted Zoes Kitchen locations and CAVA hybrid
kitchens, that are open as of the end of the specific period. CAVA
Restaurants exclude restaurants operating under a license agreement
and CAVA digital kitchens;
“CAVA Revenue” is defined to include all revenue attributable to
CAVA restaurants in the specified period, excluding one restaurant
operating under a license agreement;
“CAVA Same Restaurant Sales Growth” is defined as the
period-over-period sales comparison for CAVA restaurants that have
been open for 365 days or longer (including converted Zoes Kitchen
locations that have been open for 365 days or longer after the
completion of the conversion to a CAVA restaurant);
“digital orders” means orders made through catering, digital
channels, such as the CAVA app and the CAVA website. Digital orders
include orders fulfilled through third-party marketplace and native
delivery and digital order pick-up;
“guest traffic” means the number of entrees ordered
in-restaurant and through digital orders; and
“Net New CAVA Restaurant Openings” is defined as new CAVA
restaurant openings (including CAVA restaurants converted from a
Zoes Kitchen location) during a specified reporting period, net of
any permanent CAVA restaurant closures during the same period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107556343/en/
Investor Relations: Matt Milanovich, SVP, Finance (202)
984-2558 matt.milanovich@cava.com
Media Relations: Lynne Boschee, VP, Communications
media@cava.com
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