Cava Eyes Over 1,000 Locations After Serving 100M Meals, Stock Up 230%
CAVA•Cava plans to serve 100 million meals this year and is approaching 500 locations with a target of over 1,000 restaurants nationwide. Since its June 2023 IPO at $22 per share, its stock has climbed about 230%, and JPMorgan rates shares Outperform with national penetration prospects.
1. CEO Defends Brand Quality
Cava co-founder and CEO Brett Schulman rejected the characterization of his menu offerings as 'slop bowls', calling the term offensive to guests and emphasizing the brand's commitment to freshness, quality ingredients and culinary standards.
2. Growth Metrics
The chain is on track to serve 100 million meals this year, is approaching 500 locations nationwide and plans to expand beyond 1,000 outlets, reflecting a shift from a boutique Mediterranean concept to a structured, scalable fast-casual operation.
3. Stock Performance and Analyst Outlook
Since its June 2023 IPO at $22 per share, Cava's stock has risen approximately 230%, supported by a series of solid earnings reports, and receives an Outperform rating from JPMorgan, which cites its economic advantages and untapped national markets.
