The Mediterranean takeout restaurant chain Cava Group reported an unexpected profit, shrugging off the effects of inflation and a generally uncertain economy.
Revenue jumped 49.5% from the same time last year as the chain opened 95 restaurants and more people visited its existing outlets, the company said. Cava also increased its forecast for profit in its fiscal 2023. The company now expects adjusted earnings before interest, taxes, depreciation, and amortization of between $70 million and $73 million, up from the $62 million to $67 million it had predicted.
The strong performance comes regardless of inflation, high interest rates, the resumption of payments on student loans, and worry about tensions overseas.
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