Cava Group Inc. (NYSE:CAVA) shares tumbled on Wednesday as investors reacted to a quarterly revenue miss, lowered full-year sales forecast, and news of a fresh investment in food automation technology.
The Mediterranean fast-casual chain posted second-quarter revenue of $278.25 million, below the $286.58 million consensus estimate. Adjusted earnings of 16 cents per share beat forecasts of 14 cents. Total revenue rose 20.3% from a year ago, driven by menu pricing and product mix, while guest traffic remained flat.
