Cava CFO Tackles Growth Challenges Amid Flat Foot Traffic and Revenue Hiccup

Breaking News: Cava's CFO on Sustaining Growth Amid Consumer Strain Cava, a Mediterranean-inspired fast-casual restaurant chain, has reported a 20% revenue increase to $289.8 million in its third-quarter earnings, but reduced its full-year sales growth guidance due to flat foot traffic and a 1.9% increase in comparable sales, falling short of Wall Street expectations. The company's CFO, Tricia Tolivar, attributed the reduction in expectations to a "very uncertain consumer economic dynamic," citing the ongoing government shutdown as a contributing factor. According to CFO Tolivar, Cava is taking a cautious approach to sustain growth and develop future leaders amidst the economic uncertainty. The company is keeping prices steady while investing in its people, Tolivar said in an interview with Fortune. This strategy aims to maintain customer loyalty and attract new customers in a competitive market. The company's third-quarter earnings report was released last week, and the reduced guidance for the full year reflects the challenges faced by the restaurant industry. Cava's CEO, Brett Schulman, has led the company to focus on growth and building its leadership pipeline. The restaurant industry has been experiencing a decline in sales due to various factors, including the ongoing government shutdown, rising inflation, and changing consumer behavior. Cava's decision to invest in its people and maintain prices steady is a strategic move to stay ahead in the market. As the economic uncertainty continues, Cava's approach to sustaining growth and developing future leaders will be closely watched by the industry. The company's ability to adapt to changing market conditions will be crucial in maintaining its position in the competitive fast-casual market. In the coming weeks, Cava will continue to monitor the economic situation and adjust its strategy accordingly. The company's focus on investing in its people and maintaining customer loyalty will be key to its success in the face of economic uncertainty.