Cava shares surge as Mediterranean restaurant chain swings to a profit in first report since IPO

Cava connected Tuesday posted a profitable 4th for its archetypal net study since its archetypal nationalist offering successful June.

Cava's banal surged 12% successful extended trading. Shares person much than doubled successful worth since its IPO, fueled mostly by its blockbuster nationalist market debut.

The Mediterranean edifice institution has a marketplace worth of $5.27 billion, arsenic of Tuesday's close.

Here's what the institution reported for the quarter ended July 9:

Cava reported second-quarter nett income of $6.5 million, oregon 21 cents per share, swinging from a nett nonaccomplishment of $8.2 million, oregon $6.23 per share, a twelvemonth earlier.

CNBC does not comparison reported net per stock to Wall Street estimates for a company's archetypal study arsenic a nationalist company, arsenic uncertain stock counts tin skew expectations.

Net sales soared 62% to $172.9 million, fueled by caller edifice openings. The concatenation said it opened 16 nett caller Cava restaurants during the period, for a full of 279.

Cava's same-store income climbed 18.2% successful the quarter. The concatenation said its postulation grew 10.3%, making it an outlier successful the broader edifice industry, which has seen lawsuit visits shrink successful caller months.

More than a 3rd of Cava's quarterly income came from integer orders.

Looking up to 2023, Cava expects to study same-store income maturation for the afloat twelvemonth of betwixt 13% and 15%. The institution plans to unfastened betwixt 65 to 70 caller locations. It's besides forecasting adjusted net earlier interest, taxes, depreciation and amortization of $62 cardinal to $67 million.

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