Cava's Stock Surges Following Early Earnings Release

The Mediterranean restaurant chain's early earnings announcement, revealing significant growth, leads to a notable increase in stock value.

Cava's stock rose 7% Tuesday morning after an early release of its earnings report, which was initially scheduled for Tuesday afternoon.
The company reported a fourth-quarter net income of $2.05 million, swinging from a net loss of $18.85 million a year earlier, surpassing Wall Street expectations.
Revenue soared 36% to $177.1 million, with same-store sales climbing 11.4%, significantly above analysts' forecasts.
For 2024, Cava plans to open between 48 and 52 new locations, forecasting same-store sales growth of 3% to 5%.
Cava's shares have soared 145% since its initial public offering in June, marking a market value of $6.14 billion.