CAVA (US:CAVA)2023-11-07 16:00Revenue and Sales Performance - CAVA segment revenue increased by $57.5 million, totaling $541.6 million for the forty weeks ended October 1, 2023, compared to $333.5 million for the same period in 2022[302]. - Total revenue for the company reached $551.5 million for the forty weeks ended October 1, 2023, compared to $434.2 million for the same period in 2022[295]. - CAVA same restaurant sales growth was 20.1%, driven by a 12.0% increase in guest traffic and an 8.1% increase from menu price adjustments and product mix[309]. Restaurant Operations - The number of CAVA restaurants increased to 290 by the end of the period, with 11 new openings during the twelve weeks ended October 1, 2023[294]. - CAVA restaurant-level profit for the forty weeks ended October 1, 2023, was $138.2 million, up from $68.1 million in the prior year[295]. - CAVA restaurant-level profit margin improved, reflecting better operating leverage associated with higher sales[311]. Costs and Expenses - General and administrative expenses rose due to higher equity-based compensation and investments in corporate functions, totaling $76.8 million for the forty weeks ended October 1, 2023[321]. - The company reported a net increase of $14.7 million in food, beverage, and packaging costs in the CAVA segment, partially offset by a $6.7 million decrease in the Zoes Kitchen segment[319]. Corporate Actions and Financial Position - The company had $340.4 million in cash and cash equivalents as of October 1, 2023, with no significant exposure to interest rate risks[326]. - The company completed its conversion strategy for Zoes Kitchen locations, ceasing operations as of March 2, 2023[294]. - The company purchased a total of 3,050 shares of its equity securities during the twelve weeks ended October 1, 2023, at an average price of $34.32 per share[200]. Internal Controls and Governance - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of October 1, 2023[193]. - There were no changes to the internal control over financial reporting during the quarter ended October 1, 2023, that materially affected the internal control[195].