Ivan Yu • Jefferies

Question 1

Ivan Yu's questions to CAVA Group Inc (CAVA) leadership • Q4 2024

Feb 25, 2025

Question

Ivan Yu from Jefferies inquired about the 2025 menu innovation pipeline and CAVA's strategy for maintaining its relative value proposition in the current consumer environment.

Answer

CEO Brett Schulman outlined a plan for one major 'tentpole' menu launch bracketed by seasonal innovations. Regarding value, he emphasized that CAVA's cumulative price increases since 2019 have significantly trailed both CPI and QSR peers, strengthening its position by offering high-quality, convenient, and experiential dining at a compelling price point.

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Question 2

Ivan Yu's questions to CAVA Group Inc (CAVA) leadership • Q3 2024

Nov 12, 2024

Question

Ivan Yu asked for a breakdown of the steak launch's contribution to same-store sales, specifically regarding traffic versus check, and inquired about the future direction of menu innovation.

Answer

CFO Tricia Tolivar noted that while steak contributed to the 12.9% traffic growth, it was not a significant component, and that it had some impact on the ~2% product mix due to its premium price. CEO Brett Schulman added that the culinary team has a multi-year innovation pipeline across all menu categories, including bases, toppings, beverages, and attachments like pita chips, while maintaining operational simplicity.