---
title: "CAVA group shares up 8% premarket after EPS beat, sales beat and raises guidance"
description: "CAVA Group shares rose 8% in pre-market trading following a strong earnings report for Q1 FY2024, with revenue growing 30.3% year-over-year to $175 million and EPS of 12 cents, exceeding expectations."
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/212346921.md"
published_at: "2024-08-23T08:07:03.000Z"
---

# CAVA group shares up 8% premarket after EPS beat, sales beat and raises guidance

> CAVA Group shares rose 8% in pre-market trading following a strong earnings report for Q1 FY2024, with revenue growing 30.3% year-over-year to $175 million and EPS of 12 cents, exceeding expectations. The company plans to open 50-54 new restaurants in 2024 and revised guidance for same-restaurant sales growth up to 6.5%. CAVA's performance reflects its solid brand position and ongoing investments in infrastructure, suggesting strong future prospects for investors.

CAVA group shares up 8% premarket after EPS beat, sales beat and raises guidance

CAVA Group Inc. (CAVA) reported impressive financial results for the first quarter of fiscal 2024, causing the Mediterranean fast-casual restaurant chain's shares to surge 8% in pre-market trading. The company's strong earnings beat, sales beat, and raised guidance served as catalysts for the positive market reaction.

CAVA's revenue for the quarter grew by an impressive 30.3% year-over-year to $256.3 million, surpassing the consensus estimate of $245.9 million \[1\]. The company reported earnings per share (EPS) of 12 cents, exceeding analyst expectations of 5 cents per share \[1\]. Net cash provided by operating activities amounted to $38.4 million, and the company generated $4.7 million of free cash flow during the quarter \[1\].

Same-restaurant sales growth remained steady at 2.3%, with the company opening 14 new restaurants during the quarter, bringing the total number of locations to 323 \[1\]. This represents a 22.3% increase in total locations compared to the same period last year.

Brett Schulman, co-founder and CEO of CAVA Group, expressed his satisfaction with the results, stating, "CAVA's results in the first quarter demonstrate the strength of our category-defining brand, our clear leadership position in Mediterranean, and our compelling differentiated value proposition" \[1\]. He also mentioned that the company is investing in scalable infrastructure to support its growth and is well-positioned to capture the significant whitespace opportunity ahead.

CAVA's guidance for the full year includes expected same-restaurant sales growth between 4.5% and 6.5%, up from a prior range of 3% to 5% \[1\]. Full-year adjusted EBITDA is projected to be between $100 million and $105 million, an increase from a prior range of $86 million to $92 million \[1\]. The company plans to open between 50 and 54 new restaurants throughout 2024.

Investors seem to be confident in CAVA's future prospects, as evidenced by the 91% year-to-date increase in the company's shares prior to the print \[2\]. Despite a brief post-earnings decline, CAVA shares remain a promising investment opportunity for those interested in the Mediterranean fast-casual segment.

\[1\] Benzinga. (2024, May 24). CAVA Group Q1 Earnings, Revenue Beat, EPS Beat, Guidance Raise - Continued Investments in Scalable Infrastructure. Benzinga. https://www.benzinga.com/news/earnings/24/05/39046904/cava-group-q1-earnings-revenue-beat-eps-beat-guidance-raise-continued-investments-in-scalable-infra  
\[2\] CAVA Group. (2024, May 24). CAVA Group Reports First Quarter 2024 Results. CAVA Group. https://investor.cava.com/news/news-details/2024/CAVA-Group-Reports-First-Quarter-2024-Results/default.aspx

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.