CAVA Group (CAVA) Morgan Stanley Global Consumer & Retail Conference summary

Strategic achievements and innovation

• Delivered largest capital investment with a new automated production facility in Verona, VA, and expanded into Chicago and the Upper Midwest.

• Launched new menu items, including steak, and introduced a reimagined loyalty program and labor deployment model.

• Brand awareness increased eight points nationwide since IPO, with mature markets in the 60% range.

• Continued focus on health, bold flavors, and value proposition, leveraging both digital and in-store experiences.

• Testing digital and hybrid kitchens to support catering, with plans to expand tests in 2025.

Growth outlook and store development

• Targeting 17%+ store growth in 2025, with strong real estate and general manager pipelines.

• Expansion into South Florida and two new Midwest markets planned.

• Year-one new restaurant AUVs are exceeding $2.1M across all formats and regions.

• Cash-on-cash returns of at least 35% are being achieved ahead of expectations.

• Long-term planning underway for openings through 2026 and beyond.

Operational enhancements and technology

• Project Soul focuses on enhancing the in-store dining experience with more comfortable, social spaces.

• Connected Kitchen uses AI and camera vision to optimize food prep and free up staff for service.

• Automation is used in production facilities and may be added to digital make lines for efficiency.

• New labor deployment model improves speed of service and guest satisfaction without increasing labor hours.

• Targeted labor hour increases in lower volume stores to drive guest count and revenue.