CAVA (US:CAVA)2024-05-28 22:00Restaurant Growth - CAVA restaurants increased from 309 to 323 locations, with 15 new openings during the period[175] Revenue Performance - Revenue for the sixteen weeks ended April 21, 2024, was $256.29 million, a 30.3% increase from $196.76 million in the same period last year[177] Operating Expenses - Total restaurant operating expenses rose to $191.67 million, representing 74.8% of revenue, compared to 74.6% in the prior year[177] - CAVA labor costs increased by $15.9 million, primarily due to the addition of 86 net new restaurant openings[198] Profitability - Restaurant-level profit was $64.62 million, accounting for 25.2% of revenue, slightly down from 25.4% in the previous year[177] - CAVA food, beverage, and packaging costs decreased as a percentage of revenue due to higher sales and lower input costs[184] Cash Flow - Net cash provided by operating activities increased by 49.5% to $38.39 million, up from $25.68 million year-over-year[202] - The company experienced a net change in cash and cash equivalents of $(3.31) million, an improvement from $(16.41) million in the previous year[202] Financing Activities - The company reported a net cash used in financing activities of $8.01 million, a significant increase of 167.8% compared to $2.99 million in the prior year[202] Performance Metrics - Adjusted EBITDA and Adjusted EBITDA Margin are presented as supplemental measures, highlighting trends in operating performance[200]