Cava Group (CAVA) shares soared close t♔o 12% in intraday trading Tuesday after the restaurant chain posted better-than-expected earnings and revenue as demand for its food surged.

The company reported a fourth-quarter profit of 2 cents per share, above expectations. Overall revenue rose 36% from a year ago to $177.1 million, and from its namesake restaurants, revenue jumped 52.5% to $175.5 million. Both were above estimates.

Cava 澳洲幸运5官方开奖结果体彩网:same-store sales were up 11.4%, above forecasts, and restaurant-level 澳洲幸运5官方开奖结果体彩网:profit margins increased 240 澳洲幸运5官方开奖结果体彩网:basis points (bps) to 22.4%, ahead of expectations. 

The company added 19 restaurants during the period, giving it a total of 309. For fiscal 2024, it plans to add 48 to 52 more. In addition, it anticipates same-store sales growth of 3% to 5% this year, with r🅷evenue-level profit margin of 22.7% to 23.3%.

Cava was scheduled to release its results after the close of trading Tuesday, but after some numbers appeared in reports Monday, the company was prompted to release them earlier.

Shares of Cava were up about 12% at $56.48 as of 3:30 p.m. ET Tuesday. Cava Group 澳洲幸运5官方开奖结果体彩网:began publicly trading last June after it sold shares in an 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) at $22 each. With Tuesday’s gains, shares have more than doubled from their IPO price.