After the market close on Thursday, the Mediterranean fast-casual chain reported Q2 results that beat estimates across revenue, earnings, and same-store sales.
CEO Brett Schulman said on the earnings call that the steak surpass its expectations by a landslide. The company is at the "nexus of consumer convergence" as they trade down from fine-dining restaurants, but trade up from fast food. On Wednesday, Cava stock hit a record high close of $102.39, and on Thursday hit an intraday high of $104.84. In after-hours trading, share jumped to as much as $112.Slow and steady is Cava's go-to approach to expansion. By 2032, the company plans to have 1,000 Cava locations.
"Cava was one of just a handful of publicly traded restaurant brands with positive traffic growth in the second quarter," Schulman said. "We believe our performance is a reflection of our unique and compelling value proposition."that "we're going to be very judicious in how we use it ." Neman claimed the chain took fewer price hikes than its rivals since the pandemic.
Indexes rose Thursday as investors digested a slight increase in jobless claims ahead of the Fed's Jackson Hole conference.Two experts gave different opinions Thursday about the death of a man who was pinned to the floor by security guards at a Detroit-area mall in 2014. The Oakland County medical examiner defended the official conclusion that McKenzie Cochran's death was an accident.
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