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

The Details: Cava Group ( CAVA ) reported quarterly earnings of 15 cents per share, which beat the analyst consensus estimate of 11 cents. Quarterly sales came in at $243.82 million which beat the analyst consensus estimate of $233.59 million and is an increase over sales of $175.55 million from the same period last year.

Net new Cava ( CAVA ) restaurant openings of 11, bringing total Cava ( CAVA ) restaurants to 352, a 21.4% increase in total Cava ( CAVA ) restaurants year-over-year.

Cava ( CAVA ) same-restaurant sales growth of 18.1%, including guest traffic growth of 12.9%.

Cava AUV of $2.8 million as compared to $2.6 million in the prior year quarter.

Cava ( CAVA ) restaurant-level profit of $61.8 million or growth of 41.9% over the prior-year quarter, with Cava ( CAVA ) restaurant-level profit margin of 25.6%.

Cava ( CAVA ) digital revenue mix was 35.8%.

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“Our third quarter results demonstrate the strength of our Mediterranean category-defining brand and the broad appeal of our unique value proposition, creating what is quickly becoming the next major cultural cuisine category,” said Brett Schulman, CEO of Cava Group ( CAVA ).

“Third quarter traffic grew 12.9%, we opened 11 net new restaurants and, driven by the power of our unit economic engine, we generated average unit volume of $2.8 million. In addition, we continued to execute across our strategic initiatives, completing the national launch of our reimagined loyalty program and rolling out our new labor model ahead of schedule,” Schulman added.

Outlook: Cava ( CAVA ) raised its fiscal year 2024 net new restaurant openings outlook from between 54 and 57 to between 56 and 58 and same-restaurant sales growth outlook from between 8.5% and 9.5% to between 12% and 13%

CAVA Price Action: According to Benzinga Pro, Cava Group ( CAVA ) shares are up 14.80% after-hours at $166 at the time of publication Tuesday.

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