Cava Stock Continues to Shine. Is It Too Late to Buy It?
Shares of Cava Group (NYSE: CAVA) soared after the operator of fast-casual Mediterranean-themed restaurants saw its same-store sales surge when it reported its fiscal 2024 second-quarter results. The stock price has now nearly tripled this year.
Let's delve into Cava's most recent earnings report and see whether the stock still makes a good investment after its huge run this year.
Cava saw revenue for its fiscal Q2, which ended July 14, jump 35% to $231.4 million. The growth came from a combination of more locations and strong same-store sales growth. Same-restaurant sales soared 14.4% in Q2. Guest traffic climbed 9.5% year over year and traffic was a huge improvement from the 1.2% decline it saw last quarter. The company's comparable restaurant sales also saw a 4.9% benefit from menu price increases and mix. Even more impressive, Cava was going against difficult comparisons, as a year ago it saw same-restaurant sales growth of 18.8%.
Source Fool.com
