CAVA (US:CAVA)2025-05-15 22:00Financial Performance - CAVA's revenue for the sixteen weeks ended April 20, 2025, was $328,482,000, representing a 28.2% increase from $256,290,000 in the same period of 2024[65] - Net income for the sixteen weeks ended April 20, 2025, was $25,707,000, an increase of 83.7% compared to $13,993,000 in the prior year[78] - Adjusted EBITDA for the period was $44,850,000, up from $33,317,000, reflecting an increase of 34.4%[65] - Revenue for the sixteen weeks ended April 20, 2025, was $331.8 million, an increase of 28.1% compared to $259.0 million for the same period in 2024[89] - Adjusted EBITDA for the same period was $44.9 million, up 34.5% from $33.3 million in the prior year[89] - Net income margin improved to 7.7% for the sixteen weeks ended April 20, 2025, compared to 5.4% in the same period of 2024[89] Restaurant Expansion - The number of CAVA restaurants increased to 382 from 323, with 15 new openings during the period[65] - The company opened 73 new CAVA restaurants during or subsequent to the sixteen weeks ended April 21, 2024, contributing to increased revenue and expenses[81] Cost and Expenses - CAVA's food, beverage, and packaging costs increased by 33.3% to $96,224,000, primarily due to new restaurant openings and input costs[71] - General and administrative expenses rose by 22.3% to $41,394,000, reflecting increased operational costs[78] - The increase in general and administrative expenses was primarily due to investments for future growth and higher equity-based compensation[80] - Restaurant-level profit margin was 25.1%, slightly down from 25.2% in the prior year[65] Digital Revenue and Guest Traffic - CAVA same restaurant sales growth was 10.8%, driven by a 7.5% increase in guest traffic and a 3.3% increase from menu price and product mix[72] - CAVA's digital revenue mix accounted for 38.0% of total revenue, up from 37.0% in the previous year[65] Cash Flow and Investments - Cash and cash equivalents decreased to $289.4 million as of April 20, 2025, down from $366.1 million as of December 29, 2024[92] - Net cash provided by operating activities was $38.6 million for the sixteen weeks ended April 20, 2025, a slight increase of 0.5% from $38.4 million in the prior year[93] - Net cash used in investing activities rose significantly to $115.8 million, an increase of 243.9% compared to $33.7 million in the same period of 2024[93] Tax and Future Outlook - The effective income tax rate for the sixteen weeks ended April 20, 2025, was a benefit of 26.3%, significantly higher than the prior year's rate of 1.8%[85] - The company believes that cash provided by operating activities and existing cash on hand will be sufficient to meet anticipated cash requirements for the next twelve months[91] - The company plans to continue expanding its restaurant footprint and enhancing its product offerings to drive future growth[61]