Part I - Financial Information [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, highlighting significant year-over-year growth in revenue and net income driven by the CAVA segment Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | July 14, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $343,748 | $332,428 | | Total current assets | $369,766 | $354,912 | | Property and equipment, net | $355,014 | $330,730 | | Total assets | $1,038,542 | $983,757 | | Total current liabilities | $123,601 | $109,036 | | Total liabilities | $443,105 | $412,955 | | Total stockholders' equity | $595,437 | $570,802 | Condensed Consolidated Statements of Operations Highlights (in thousands) | Metric | Twelve Weeks Ended July 14, 2024 | Twelve Weeks Ended July 9, 2023 | Twenty-Eight Weeks Ended July 14, 2024 | Twenty-Eight Weeks Ended July 9, 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $233,495 | $172,894 | $492,501 | $375,977 | | Income from operations | $16,144 | $5,762 | $25,397 | $3,510 | | Net income | $19,741 | $6,539 | $33,734 | $4,398 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Twenty-Eight Weeks Ended July 14, 2024 | Twenty-Eight Weeks Ended July 9, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $87,295 | $47,110 | | Net cash used in investing activities | ($59,882) | ($72,478) | | Net cash (used in) provided by financing activities | ($16,093) | $339,088 | - As of July 14, 2024, the company operated **341** fast-casual CAVA Restaurants. The company no longer operates any Zoes Kitchen locations as of March 2, 2023[18](index=18&type=chunk)[19](index=19&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, emphasizing CAVA segment growth, key metrics like same-restaurant sales, and the company's liquidity position [Key Performance Measures](index=18&type=section&id=2.1%20Key%20Performance%20Measures) The company tracks key performance measures including CAVA Same Restaurant Sales Growth and Adjusted EBITDA, both showing significant year-over-year increases Key Performance Measures Comparison (Twelve Weeks Ended) | Metric | July 14, 2024 | July 9, 2023 | Change | | :--- | :--- | :--- | :--- | | CAVA Revenue (in thousands) | $231,384 | $171,089 | $60,295 | | CAVA Same Restaurant Sales Growth | 14.4% | 18.2% | (3.8)% | | CAVA AUV (in thousands) | $2,689 | $2,599 | $90 | | CAVA Restaurant-Level Profit (in thousands) | $61,265 | $44,616 | $16,649 | | CAVA Restaurant-Level Profit Margin | 26.5% | 26.1% | 0.4% | | Adjusted EBITDA (in thousands) | $34,348 | $21,601 | $12,747 | | Adjusted EBITDA Margin | 14.7% | 12.5% | 2.2% | CAVA Restaurant Unit Data | Period | Beginning of Period | New Openings | Permanent Closures | End of Period | | :--- | :--- | :--- | :--- | :--- | | Twelve Weeks Ended July 14, 2024 | 323 | 18 | 0 | 341 | | Twenty-Eight Weeks Ended July 14, 2024 | 309 | 33 | (1) | 341 | [Results of Operations](index=19&type=section&id=2.2%20Results%20of%20Operations) This subsection details financial results, showing CAVA segment revenue growth driven by new openings and same-restaurant sales, and increased consolidated net income - For the twelve weeks ended July 14, 2024, CAVA Revenue increased by **$60.3 million (35.2%)**. This was driven by **$36.1 million** from **78** net new restaurants opened since Q2 2023 and **14.4%** Same Restaurant Sales Growth[62](index=62&type=chunk) - CAVA Same Restaurant Sales Growth of **14.4%** in Q2 2024 consisted of a **9.5%** increase from guest traffic and a **4.9%** increase from menu price and product mix[62](index=62&type=chunk) CAVA Segment Results (Twelve Weeks Ended) | (in thousands) | July 14, 2024 | % of Revenue | July 9, 2023 | % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Revenue | $231,384 | 100.0% | $171,089 | 100.0% | | Restaurant-level profit | $61,265 | 26.5% | $44,616 | 26.1% | - For the twenty-eight weeks ended July 14, 2024, CAVA Revenue increased by **$119.8 million (32.6%)**, driven by **$86.8 million** from **104** net new restaurants and **7.8%** Same Restaurant Sales Growth[79](index=79&type=chunk) [Non-GAAP Financial Measures](index=27&type=section&id=2.3%20Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA and Adjusted EBITDA Margin as key non-GAAP metrics, demonstrating significant year-over-year performance improvements Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Twelve Weeks Ended July 14, 2024 | Twelve Weeks Ended July 9, 2023 | Twenty-Eight Weeks Ended July 14, 2024 | Twenty-Eight Weeks Ended July 9, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net income | $19,741 | $6,539 | $33,734 | $4,398 | | Adjusted EBITDA | $34,348 | $21,601 | $67,665 | $38,347 | | Net income margin | 8.5% | 3.8% | 6.8% | 1.2% | | Adjusted EBITDA Margin | 14.7% | 12.5% | 13.7% | 10.2% | [Liquidity and Capital Resources](index=28&type=section&id=2.4%20Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with substantial cash and cash equivalents, supported by increased operating cash flow to fund expansion - Cash and cash equivalents increased to **$343.7 million** as of July 14, 2024, from **$332.4 million** at the end of 2023[100](index=100&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Twenty-Eight Weeks Ended July 14, 2024 | Twenty-Eight Weeks Ended July 9, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $87,295 | $47,110 | | Net cash used in investing activities | ($59,882) | ($72,478) | | Net cash (used in) provided by financing activities | ($16,093) | $339,088 | - The significant decrease in cash from financing activities is due to the **$336.1 million** in net proceeds from the IPO in the prior year period, which did not recur in 2024[19](index=19&type=chunk)[104](index=104&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include commodity prices, interest rates, and inflation, with no material changes reported since the 2023 Annual Report - The primary market risks faced by the company are commodity and food price risks, interest rate risk, and inflation[111](index=111&type=chunk) - There have been no material changes to the company's exposure to market risks as described in the 2023 Annual Report[111](index=111&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of July 14, 2024, with no material changes to internal control over financial reporting - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of July 14, 2024[112](index=112&type=chunk) - There were no changes to internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[113](index=113&type=chunk) Part II - Other Information [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This item details past lawsuits, including those related to PFAS allegations, all of which were settled and dismissed, with no material effect on financial condition expected - A lawsuit alleging PFAS in packaging (Hamman et al. v. Cava Group, Inc.) was settled and the action was dismissed with prejudice on April 15, 2024[40](index=40&type=chunk) - A similar lawsuit regarding false advertising claims related to PFAS (GMO Free USA v. Cava Group, Inc.) was also settled and dismissed with prejudice on April 16, 2024[41](index=41&type=chunk) - An associated insurance coverage dispute with Travelers Property Casualty Company was settled and dismissed with prejudice on April 17, 2024[42](index=42&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as previously disclosed in its 2023 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2023 Annual Report[116](index=116&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased its own equity securities solely to satisfy employee income tax withholding obligations upon the vesting of restricted stock units Issuer Purchases of Equity Securities (Twelve Weeks Ended July 14, 2024) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 22 - May 19, 2024 | 13,346 | $74.68 | | May 20 - June 16, 2024 | 93,231 | $88.92 | | June 17 - July 14, 2024 | 156 | $85.30 | | **Total** | **106,733** | **$87.14** | - Purchases were made to satisfy income tax withholding obligations for employees upon the vesting of restricted stock units[116](index=116&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted a Rule 10b5-1 trading arrangement during the twelve weeks ended July 14, 2024 - No directors or officers adopted a 'Rule 10b5-1 trading arrangement' during the quarter[119](index=119&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including CEO and CFO certifications and XBRL data files for interactive reporting - Filed exhibits include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[121](index=121&type=chunk) - The filing includes Inline XBRL documents for interactive data reporting[121](index=121&type=chunk)

Exhibit 99.1 CAVA GROUP REPORTS SECOND QUARTER 2024 RESULTS ___________________________________________ YEAR OVER YEAR CAVA REVENUE GROWTH OF 35.2% INCLUDING CAVA SAME RESTAURANT SALES GROWTH OF 14.4% ___________________________________________ 18 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER ___________________________________________ SECOND QUARTER 2024 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 26.5% ___________________________________________ WASHINGTON, D.C. (August 22, 2024) - CAVA Group, Inc. (NYSE: CA ...

Customers arrive at a Cava restaurant in New York City, U.S., June 22, 2023. Cava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-thanexpected quarterly earnings and revenue. Shares of the company rose 7% in extended trading. The stock has more than doubled its value this year, bringing Cava's market cap up to about $11.6 billion, as of Thursday's close. Here's what the company reported for the quarter ended July 14 compared with what Wall Street was expec ...

Spencer Platt Thesis CAVA Group Inc. (NYSE:CAVA) has recently become a customer favorite in the chain restaurant business, using their fast-paced twist on Mediterranean food to give consumers the benefits of taste, health, and convenience. After a closer look at the company, I believe CAVA has been indicating future bullish trends. CAVA's recent earnings, stock performance, and technical analysis encourage the notion that the up-and-coming restaurant is here to stay. I believe the firm's recent growth and e ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Cava Group (CAVA) , which belongs to the Zacks Retail - Restaurants industry, could be a great candidate to consider. When looking at the last two reports, this Mediterranean restaurant chain has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 150%, on average, in the last two quarters. For the most recent ...

CAVA Group, Inc. (CAVA) is slated to release second-quarter 2024 financial numbers on Aug 22, after the closing bell. In the last reported quarter, the company's earnings beat the Zacks Consensus Estimate by 200%. CAVA surpassed earnings in all of the trailing four quarters, the surprise being 450%, on average. The Trend in Estimate Revision The Zacks Consensus Estimate for second-quarter earnings per share (EPS) has remained flat at 12 cents. The estimated figure indicates a 42.9% decline from the year-ago ...

LauriPatterson/E+ via Getty Images It's been a while since we last covered Cava (NYSE:CAVA), the leading Mediterranean fast casual restaurant chain. In our first article last September, we compared the company with Chipotle (CMG), and ultimately argued that CAVA was likely the better option for growth-oriented investors. With a mostly undemanding valuation, leaning long at the time was a relatively easy decision. Then, earlier this year, we covered the stock again, recommending a slightly more conservative ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Let's take a look at what these Wall Street heavyweights have to say about Cava Group (CAVA) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Cava currently has an average brokerage recommendation (ABR ...

Cava Group (CAVA) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 22, 2024, might help the stock move higher if these key numbers are better than expe ...

On Aug 9, CAVA Group, Inc.'s (CAVA) shares breached the $90 mark for the first time in the past 30 days. This Mediterranean restaurant chain also makes product offerings through grocery stores and provides online ordering platforms. Share price of this Zacks Rank #3 (Hold) company, which is part of the Zacks Retail - Restaurants industry, has grown a whopping 110.1% in 2024. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Cava is an ever-growing company, with only 323 outlet ...