Q4 2024 CAVA Group Inc Earnings Call Transcript
Key Points
- Cava Group Inc (CAVA) reported a 36.8% increase in revenue for Q4 2024, excluding the 53rd week in 2023.
- The company achieved a 21.2% same-restaurant sales growth, driven by a 15.6% increase in traffic.
- Cava Group Inc (CAVA) opened 15 net new restaurants in Q4, ending the year with 367 locations, marking an 18.8% increase year over year.
- Adjusted EBITDA for Q4 2024 was $25.1 million, a 60% increase over the same period in 2023.
- The company reported a net income of $78.6 million and adjusted net income of $6.5 million, a 216% increase over Q4 2023.
- Food, beverage, and packaging costs increased by 110 basis points due to the national rollout of steak.
- Labor and related costs decreased by only 50 basis points, reflecting wage investments that were not offset by menu price increases.
- Cava Group Inc (CAVA) anticipates a 100 basis point impact on food costs due to the steak launch, expected to roll off by summer 2025.
- The company expects stock-based compensation to increase to between $20 million and $22 million in 2025.
- Cava Group Inc (CAVA) plans to make continued investments in team member wages, which may impact margins.
Good afternoon, ladies and gentlemen, and welcome to the CAVA fourth-quarter 2024 earnings conference call. (Operator Instructions)
This call is being recorded in Tuesday, February 25, 2025. I would now like to turn the conference over to Matt Milanovich. Please go ahead.
Good afternoon, and welcome to CAVA's fourth quarter and full year 2024 financial results conference call.
Before we begin, if you do not already have a copy of the earnings release and the related 8-K furnished with the SEC, are available on our website at investor.cava.com. The purpose of this conference call is to give investors further details regarding the company's financial results, as well as a general update on the company's progress. You will find reconciliations of any non-GAAP financial measures discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP to the extent available without unreasonable efforts, in today's
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