Reported about 22 hours ago
Cava Group (CAVA) faced a significant drop in stock value, down over 20%, after reporting second quarter adjusted earnings of $0.16 per share, which exceeded expectations, but revenue of $280.62 million fell short of the anticipated $285.56 million. The company's same-store sales growth was only 2.1%, well below the predicted 6.14%, leading to a reduction in their full-year sales forecast. The CEO attributed the underperformance to a challenging macroeconomic environment and flat foot traffic.
Source: YAHOO