CAVA Group (Ticker: CAVA) with Alex Morris
Chit Chat Stocks
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Kava's Financial Performance Compared to Chipotle
The Kava Banners stores in 2022 had restaurant level even margins of call 20%. The Zoey's Banners stores had restaurantlevel even margins in the mid-single digits, which gets you to a blended number that they kind of showed for the whole enterprise of 15%, 16%. And I think it was 2003 or 2004 when they were at a similar unit size. You can obviously see those were, restaurant level margins were 1500-bits lower than the Kava. They got a 50% lift in unit volumes on those conversions from 19 to 22.
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