Cava rallies after Q1 results impress and management hikes full-year guidance
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Cava's stock surged 8% following impressive Q1 results, with revenue of $434.4 million surpassing estimates. Adjusted EBITDA reached $61.7 million, exceeding expectations. The company raised its full-year same-restaurant sales growth guidance to 4.5%-6.5%. Cava also reported a 6.8% increase in customer traffic, contrasting with competitor Sweetgreen's decline. CFO Tricia Tolivar highlighted the brand's appeal to lower-income consumers amid economic disparities.
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