Cava CEO Brett Schulman on Q3 results: Seen a moderation in sales with younger consumers this year

Financial Performance - Cava grew revenue 20% year-over-year [3] - Cava's same restaurant sales accelerated from 16.5% to 20% on a two-year basis from Q2 to Q3 [3] - Cava's same store sales were up 1.9% versus expectations of 2.8% for the most recent quarter [9] Market Trends & Consumer Behavior - The growth of restaurant stocks has moderated [2] - Cava has seen a moderation in sales this year with younger consumers (25-34 year olds) facing headwinds like student loan debt repayment and inflationary pressures [4][5] - Cava grew market share with the 25-34 year old demographic, but their frequency year-over-year had waned [6] - Restaurant industry transactions have decreased by 7% since 2019 [8] Cost Management & Pricing Strategy - The restaurant industry raised prices 34% in aggregate since 2019, while Cava raised prices less than 17% during the same period, while CPI was up 27% [8] - Cava absorbed about 20 basis points in tariff impact [12] - Cava anticipates low to mid single-digit COGS inflation next year [12] External Factors - The government shutdown caused some softness in sales [9][10] - Tariffs on imported ingredients like olive oil, beef, and basmati rice have had a bit of an impact [13]