CAVA Group has reported a net income of $6.54m for the second quarter of 2023, compared to a net loss of $8.23m in the prior year’s quarter.
For the quarter ended 9 July 2023, the group’s total revenues rose to $172.89m from $135.91m in the second quarter of 2022.
Total restaurant operating expenses during the quarter increased to $127.46m from $110.31m a year earlier.
Income from operations during the period under review was $5.76m as against loss from operations of $8.34m last year.
CAVA Restaurants, which includes all CAVA restaurants, converted Zoes Kitchen locations and CAVA hybrid kitchens, posted revenues of $171.1m, a surge of 62.4% compared to the same quarter a year ago.
The group attribute the surge in revenue to 102 net new CAVA restaurant openings during or subsequent to the fiscal year Q2 2022.
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CAVA’s same-restaurant sales grew by 18.2% while its digital revenue mix was 36.1%.
The company’s restaurant-level profit was $44.6m, a surge of 91.9% over the prior year’s quarter.
CAVA Group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) during the quarter was $21.6m an increase of $15.7m compared to the fiscal second quarter of 2022.
CAVA Group co-founder and CEO Brett Schulman said: “Our results in the second quarter demonstrated the power of our restaurant operating model and the growing appeal of the Mediterranean category, which we are defining.
“Revenue and profitability reached record levels, with 18.2% CAVA same-restaurant sales growth, net income of $6.5m and Adjusted EBITDA of $21.6m.
“Our dominant leadership position and proven portability create meaningful opportunity for growth in new and existing markets, as evidenced by our 16 Net New CAVA Restaurant Openings during the quarter.”