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Cava Stock Plunges on Weak Q2 Earnings and Guidance Cut
Cava Stock Plunges on Weak Q2 Earnings and Guidance Cut
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BTCCSquare news:
Shares of fast-casual chain Cava tumbled 16.7% after reporting disappointing second-quarter results. Same-store sales growth slowed to just 2.1%, missing expectations as consumer spending weakened across the restaurant industry. Revenue ROSE 20.3% to $278.2 million but fell short of consensus estimates.
While unit volumes improved to $2.9 million and restaurant-level margins remained strong at 26.3%, the company reduced its full-year same-store sales guidance to 4%-6% from 6%-8%. CEO Brett Schulman maintained Optimism about Cava's market position, but investors reacted sharply to the growth slowdown.
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