Cava Cuts Outlook on Weak Second Quarter as Consumers Face ‘Fog and Uncertainty’
Cava reported second-quarter same-restaurant sales well below analysts' expectations and lowered its full-year guidance for the metric, citing weaker consumer sentiment.
The Mediterranean fast casual restaurant reported same-restaurant sales growth of 2.1%, well below analysts' expectations of 6.1%, according to FactSet. The company said the growth came primarily from price increases and product mix with customer traffic flat.
Shares plunged 22%, to $65.90, in after-hours trading.
Cava Chief Executive Brett Schulman said challenging comparisons to last year's...
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