Why Cava Stock Hit a New All-Time High Today
Shares of restaurant company Cava Group (NYSE: CAVA) hit new all-time highs on Tuesday after the company released financial results for the fourth quarter of 2023, showing strong growth and encouraging profits. As of 2:30 p.m. ET, Cava stock was up about 11%.
In 2023, Cava grew revenue by 60% compared to 2022, surpassing $700 million for the year. Moreover, the company was profitable with full-year net income of $13.3 million -- not bad for a small chain of only 309 locations that just went public in June.
Cava's financial results in 2023 were capped off with a strong fourth quarter that beat expectations. The company had Q4 same-store-sales growth of over 11%. For perspective, many other restaurant companies have struggled with dwindling restaurant traffic in recent months.
Source Fool.com
