CAVA Group, Inc. reported significant financial growth for the fiscal year ending December 29, 2024, with total revenue reaching $963.7 million, a 32.3% increase from $728.7 million in the previous year. The company achieved a net income of $130.3 million, compared to $13.3 million in fiscal 2023, marking a substantial improvement in profitability. The CAVA segment, which includes all operating CAVA restaurants, generated $954.3 million in revenue, reflecting a 33.1% increase from $717.1 million in the prior year. The CAVA Restaurant-Level Profit Margin also improved slightly to 25.0% from 24.8%, driven by sales leverage despite rising input costs.
CAVA's growth was bolstered by the opening of 58 new restaurants, contributing to a total of 367 locations across 25 states and Washington, D.C. The company also reported a 13.4% increase in Same Restaurant Sales Growth, attributed to a combination of increased guest traffic and menu price adjustments. The introduction of new menu items, including grilled steak, exceeded expectations and contributed positively to sales. Additionally, the company launched a reimagined loyalty program that has been well-received, further enhancing customer engagement.
Operationally, CAVA has focused on expanding its digital presence, with the Digital Revenue Mix increasing to 36.4% from 36.0% year-over-year. The company has also invested in its production capabilities, opening a new facility in Verona, Virginia, which is expected to support future growth. As of the end of fiscal 2024, CAVA employed approximately 10,300 team members, reflecting the company's commitment to scaling its workforce in line with its expansion strategy.
Looking ahead, CAVA Group, Inc. anticipates continued growth, although it acknowledges potential challenges such as macroeconomic conditions, commodity inflation, and supply chain constraints. The company aims to maintain its momentum by successfully navigating these challenges while expanding its restaurant base and enhancing its digital offerings. CAVA's management remains optimistic about achieving its long-term goal of operating over 1,000 restaurants in the United States by 2032, leveraging evolving consumer preferences for health-conscious and Mediterranean cuisine.
About CAVA GROUP, INC.
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