Mediterranean restaurant chain Cava Group (CAVA) posted a profit in its first earnings report since going public in June as it added new loc♏ations.

Cava reported fiscal 2023 second quarter earnings of $6.53 million, or $0.21 per share. A year ago it posted a loss. Sales at its namesake restaurants soared 62.4% to $171.1 million. Overall revenue was $172.9 million.

The company said the revenue jump came as 102 net new restaurants were opened during or subsequent to last year’s second quarter, and 澳洲幸运5官方开奖结果体彩网:same-store sales of previously existing sites rose 18.2%. Restaurant-level profit margin climbed 400 澳洲幸运5官方开奖结果体彩网:basis points (bps) to 26.1%, the company said.

The results “demonstrate the power of our category-defining concept,” said Founder and CEO Brett Schulman. He explained the company was focused on taking advantage of the🅺 market opp♚ortunities it sees ahead.

Cava indicated it anticipates opening 65 to 70 over the full year, with same-store s𝐆ales growth of 13% to 15%, and restaurant-level profit margin of at least 23%. 

Cava Group shares initially rose on the news in early trading on Wednesday, then reversed course and were about 0.8% lower midday. The stock price hit an all-time high earlier this month, and despite losing ground since then, it remains more than double the 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) price of $22.