Cava Just Made a Move That Supports Its Ambitious Growth Plans Through the End of the Decade
Cava Group (NYSE: CAVA) is a relatively publicly traded restaurant company specializing in Mediterranean cuisine served in a fast-casual style. On the menu, diners will find options made with feta cheese, falafel, hummus, tzatziki, and other items that aren't typically found when eating out.
Consumers are rallying behind the Cava brand at a head-turning pace. Consider that the company's restaurants generate $2.6 million in annual sales per location, on average -- and that's very high. In 2023, the company's same-store sales went up nearly 18% year over year in a clear sign of consumer demand.
These same consumers are demanding more food from Cava, but the company only had 309 locations at the end of 2023 from which to serve them. But since the demand is clearly there, management has set an ambitious long-term goal: By 2032, it hopes to have 1,000 Cava locations.
Source Fool.com
