CAVA Group, Inc. (NYSE: CAVA) reported a remarkable full-year revenue growth of 35.1% for Fiscal Year 2024, excluding the 53rd week, driven by a 13.4% increase in CAVA Same Restaurant Sales. The company attributes its success to the growing popularity of Mediterranean cuisine, resonating with modern consumers.
“We are thrilled with the extraordinary growth and success we’ve achieved in 2024 as we continue to establish Mediterranean as a major cultural cuisine category,” said Brett Schulman, Co-Founder and CEO of CAVA Group. “Our Same Restaurant Sales saw a growth of 13.4%, with nearly 9% increase in guest traffic. We opened 58 net new restaurants and generated an average unit volume of $2.9 million, showcasing the strength of our unit economic engine.”
Key highlights for Fiscal Year 2024 include a 33.1% increase in CAVA Revenue to $954.3 million, 130 Net New CAVA Restaurant Openings, a Restaurant-Level Profit of $238.1 million, and a 36.4% Digital Revenue Mix. The company also reported a Net Income of $130.3 million compared to $13.3 million in the prior year.
In the fiscal fourth quarter of 2024, CAVA Revenue reached $225.1 million, up 28.3% from the same period in 2023. This growth was driven by 77 Net New CAVA Restaurant Openings and a 21.2% increase in CAVA Same Restaurant Sales, with a Restaurant-Level Profit Margin of 22.4%.
Looking ahead to Fiscal Year 2025, CAVA Group anticipates continued growth with expectations for 62 to 66 Net New CAVA Restaurant Openings, 6.0% to 8.0% CAVA Same Restaurant Sales Growth, and an Adjusted EBITDA of $150.0 to $157.0 million.
The company’s strong performance and strategic initiatives have positioned it as a category-defining Mediterranean fast-casual restaurant brand that continues to resonate with consumers seeking healthful and flavorful dining options. With a focus on innovation, market expansion, and operational excellence, CAVA Group remains well-positioned for continued growth and success in the years ahead.