How Do They Make Money?

How Cava makes money is about as simple as it gets... from Item 1 Part 1 of their annual report: "The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-crated and customizable bowls and pitas. Our dips, spreads, and dressings are centrally produced and sold in grocery stores.... Our menu fulfills a broad range of dietary preferences, from hearty and indulgent to vegan, vegetarian, gluten-free, dairy-free, paleo, keto, and nut-free diets. We have designed our menu to offer vibrant flavors utilizing fresh, high-quality ingredients inspired by our Mediterranean roots. We make it deliciously simple to eat well and feel good every day. Our guests can choose a chef-curated meal or a build-your-own-bowl or pita using our 38 ingredients with over 17.4 billion combinations." They report two Segments, Cava and Zoes Kitchen, which Cava acquired back in 2018. They no longer operate any Zoes Kitchens, so seems a little silly that it's still listed as a segment. Guess it's because they completed their conversion of them all in 2023... ugh fine. They seem to be leaning heavily into digital, CAVA Digtial Revenue Mix was 36%/34.5% in 2023/2022. Wish they broke out Catering/In-store/Delivery revenue breakdown :(