Customers arrive at a Cava restaurant in New York City on June 22, 2023.
Brendan Mcdermid | Reuters
Cava on Tuesday lowered its full-year forecast for same-store sales growth after a disappointing second quarter.
For the full year, Cava now anticipates same-store sales growth of 4% to 6%, down from its prior range of 6% to 8%.
Shares of the company plunged more than 20% in extended trading. The stock has fallen 40% this year, including the after-hours move.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 16 cents vs. 13 cents expected
- Revenue: $280.6 million vs. $285.6 million expected
The restaurant company reported second-quarter net income of $18.4 million, or 16 cents per share, down from $19.7 million, or 17 cents per share, a year earlier.
Net restaurant sales climbed 20% to $278.2 million,…
