Mediterranean Dip: Cava Stock Heads for Biggest Fall on Record
Brett Schulman, the company's chief executive, said weak sentiment was one contributor to the results.
'The consumer isn't as ebullient as they were last year,' Schulman told The Wall Street Journal. 'They're dealing with a lot of headwinds, a lot of fog and uncertainty.'
Shares recently stood about 20% lower. If that move holds through the day, it would be the biggest single-day decline in the two years since Cava went public.
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Veteran trader reviews Cava Group earnings and has a sharp take originally appeared on TheStreet. Waiter, there's a fog in my soup. Cava Group () took a four-alarm shellacking on Aug. 13 after the Mediterranean fast-casual restaurant chain missed second-quarter-revenue estimates and lowered its full-year forecast for same-store sales. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 The company's shares tumbled nearly 20% and Chief Financial Officer Tricia Toliver discussed the current economy during the earnings call. "We're operating in a fluid macroeconomic environment, and it's one that sort of creates a fog for consumers where things are changing constantly," Toliver told analysts. "It's hard to see the clear. And those during those times they tend to step off of the gas." It seems that the fog is getting pretty thick out there, and many consumers have been hitting the brakes when it comes to dining out. 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More Restaurants After closing restaurants, Papa John's puts focus on pizza Beloved sandwich chain franchisee closes in Chapter 11 bankruptcy Top-10 burgers list deals blow to McDonald's, Burger King "The team's done an outstanding job navigating tariffs both on the supply chain construction side so that we're not anticipating material changes at all in our ability to grow and continue to leverage those robust new restaurant openings that we've been experiencing," Toliver said. TheStreet Pro's Stephen Guilfoyle pulled up a chair at Cava Group's table and reviewed the company's financials. The firm has hit a bump, the veteran trader said. "Still, cash flows are positive, margins are holding up. Same-store sales are pressured. That said, the balance sheet is a work of art. In theory, I find this company investable as long as a decent entry point can be found." 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