CAVA Hits Record-Breaking Heights in 2024 Q4, Fuelled by Mediterranean Cuisine Craze
Cava, a leading fast-casual restaurant brand, has reported an extraordinary set of results for the fourth quarter and full year 2024, solidifying its position as a major player in the US food industry. Speaking on the company's Q4 earnings conference call, Co-Founder and CEO Brett Schulman highlighted the achievements of CAVA's over 10,000 team members, who have been instrumental in bringing Mediterranean cuisine to the forefront of consumer demand.
"2024 was another extraordinary year for CAVA thanks to our more than 10,000 team members and their dedication to bringing heart, health, and humanity to food," Schulman said. "Their contributions allowed us to firmly establish Mediterranean as the next major cultural cuisine category and as our unique value proposition continued to resonate with consumers, we were one of just a few publicly traded restaurant brands that generated positive traffic growth."
Key highlights from the quarter include a 36.8% increase in CAVA revenue, excluding the 53rd week in 2023, 21.2% same-restaurant sales growth, including a 15.6% increase in traffic, and 15 net new restaurant openings, taking the total to 367 restaurants by the end of the year – an 18.8% increase year-over-year. Adjusted EBITDA for the quarter reached $25.1 million, representing a 60% increase over Q4 2023, while net income stood at $78.6 million and adjusted net income at $6.5 million – a 216% increase over the same period in 2023.
For the full year, CAVA delivered impressive growth figures, including a 35% increase in revenue, excluding the extra week in 2023, 13.4% same-restaurant sales growth, and an 8.7% boost in traffic. The company opened 58 net new restaurants during the year and generated adjusted EBITDA of $126.2 million – a 71% rise over full-year 2023.
The expansion into new markets was also a key highlight, with CAVA entering the Midwest through its most anticipated market opening to date in Chicago. The company has since announced plans for further growth in the region, including openings in Detroit and Indianapolis later this year.
CAVA's success can be attributed to its unique value proposition, which combines high-quality Mediterranean cuisine with convenience and experiences across physical and digital channels. "We have significant white space opportunity ahead," Schulman emphasized, "and we're proud to say that 2024 is trending to be one of our strongest new restaurant classes yet."
