US Stock Market Move | Strong Q3 performance: CAVA Group (CAVA.US) surges over 16% in pre-market trading.

On Wednesday, CAVA Group (CAVA.US) surged over 16% in pre-market trading, hitting a record high of $168.91 at the opening. On the news front, the company reported a strong performance in the third quarter of 2024, with a 39% year-over-year increase in revenue to $242 million. Net profit grew significantly by 163% from the third quarter of 2023 to $18 million. Same-store sales surged by 18.1%, driven mainly by a 12.9% increase in foot traffic. Free cash flow increased significantly to $23.4 million, a significant increase from the previous year. The company opened 11 new net restaurants, bringing the total number of restaurants to 352, a 21.4% increase year-over-year. CEO Brett Schulman emphasized the strength of the brand and strategic initiatives, including a new loyalty program and labor model. The company raised its outlook for new restaurant openings and same-store sales growth for the 2024 fiscal year.