CAVA Group, Inc. ( CAVA ) reported its second-quarter earnings after the closing bell Thursday. Here's a look at the details from the report. 

The Details: Cava Group ( CAVA ) reported quarterly earnings of 17 cents per share which beat the analyst consensus estimate of 12 cents by 41.67%. Quarterly sales clocked in at $233.495 million, beating the analyst consensus estimate by 7% and representing a 35.05% increase from the same period last year.

The company saw same-restaurant sales growth of 14.4% which consisted of traffic growth of 9.5% and a 4.9% increase from menu price and product mix.

Restaurant-level profit margin was 26.5% for the quarter with the increase due to higher sales, partially offset by incremental wage investments and input costs associated with the June 3 launch of grilled steak.

The company opened 18 net new CAVA ( CAVA ) restaurants, bringing its total to 341 locations.

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“Our results in the second quarter continued to demonstrate the strength of our category-defining brand and our unique and compelling value proposition,” said Brett Schulman, Cava Group’s CEO.

“During the quarter, traffic grew 9.5%, we opened 18 net new restaurants and, driven by the power of our unit economic engine, generated average unit volume of $2.7 million. In addition, we launched our new grilled steak main, once again exhibiting our excellence in culinary innovation. Grilled steak is significantly outperforming our expectations and giving guests another reason to visit CAVA ( CAVA ) and come back more often.”

Outlook: Cava ( CAVA ) raised its fiscal year 2024 adjusted EBIDTA guidance from a range of $100 million to $105 million to a range of $105 million to $114 million and raised its same-restaurant sales growth forecast from between 4.5% and 6.5% to between 8.5% and 9.5%.

CAVA Price Action: According to Benzinga Pro, Cava Group ( CAVA ) shares are up 5.98% after-hours at $108.08 at the time of publication Thursday.

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