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Cava hopes to expand its physical footprint after a year of financial success, CEO Brett Schulman announced in the company’s fourth-quarter earnings call Tuesday. Over the 2024 fiscal yearCavas first full calendar year as a public companythe Mediterranean fast-casual restaurant chain saw a revenue growth of 28.3% and delivered four straight quarters of free cash flow. And after opening 58 new restaurants this past year, the company anticipates new market openings in Detroit, South Florida, Pittsburgh, and Indianapolis. Were very excited to continue to grow those markets and build upon the presence we have in existing regions, Schulman tells Fast Company. The anticipated launches in these four new markets come after a successful launch in the greater-Chicago metropolitan area, where three new Cava locations opened in 2024. Schulman says that was our best market opening ever. The Maryland-based chain currently operates inside 25 states and Washington, D.C., as the demand for health-conscious dining continues to grow. “You can’t discount your way to prosperity” In the last fiscal year, CAVA experienced 8.7% traffic growth, while many industry competitors saw negative traffic growth. Schulman says that around two in three customers enter CAVAs physical spaces to place an order, speaking to the chains emphasis on Mediterranean hospitality. Much of this success, Schulman says, comes from an increased focus on providing value, rather than price discounting. You cant discount your way to prosperity with guests, Schulman says. We look at value as a combination of quality, relevance, convenience, and experience. He claims that all his decisions are guided by Cava’s mission of bringing heart, health, and humanity into food, from importing olive oil from Greece to putting fresh dill in the tzatziki dip. In a difficult economy, especially for fast-casual restaurants, Cava appears to be bucking industry norms. Roti, a different Mediterranean-style fast-casual chain, filed for bankruptcy in August. Buca di Beppo and Red Lobster also both filed for bankruptcy in the past year. According to Schulman, Cava stands out from the fast-casual chains that may be struggling because it looks at people as assets, not expenses.” The demise of the dining room is greatly exaggerated, he says. People are feeling a void of human connection, and they’re craving it. And brands that are able to deliver that are the ones that are gaining market share and gaining brand affinity. Cava’s success in a struggling industry After its blockbuster IPO in June 2023, the build-your-own-bowl chain has only seen success. Its stock price has soared 158% since the IPO, and Yelp named Cava its fastest growing brand of 2024. And according to fast-casual competitor Chipotle’s most recent earnings report, sales growth in the past fiscal year for its set of comparable restaurants only increased by 7.4%a little over a quarter of Cavas revenue growth. Another large factor in last years success is Cavas reimagined loyalty programa system similar to Chipotles points-based program. Frequent customers can exchange points (10 are awarded for every dollar spent) for free drinks, cookies, and even entrees. Since the new loyalty system rolled out nationwide in October, Cava has seen a 2.3% increase in revenue going through the pool, hitting a record-high revenue from loyalty transactions last year. In the coming year, Cava hopes to add rewards that are brand-centric rather than food-based. Weve expanded our audience, Schulman says. Weve got our audience more highly engaged, which allows us to have much more personalized one-to-one communication.
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E-Commerce
The eyes might be the window to the soul, but how their overall health impacts our own souls is rarely discussed. VSP Vision Care, an eye insurance company, partnered with Workplace Intelligence to survey 800 HR leaders and 800 full-time employees in the United States about the state of their eye health. Here are the key findings: We live on our screens: In a typical week, employees report spending 97 hours on screens, which translates to 210 days a year. Thirty-four of these hours are on a computer for work, 17 on a computer for personal use, 23 hours watching TV, and 23 hours on a cellphone. The majority of people have at least one eye problem: 63% of respondents reported at least one eye issue, an increase from last years 50%. Meanwhile, 73% reported wearing contacts or glasses, an increase from 67% last year. The most common issues were blurred vision (41%), dry or itchy eyes (24%), and eye strain or fatigue (23%). This is taking a toll on work and personal life: 69% of respondents said that eye problems are impacting their ability to be productive, 60% said eye problems impacted their ability to focus, and 46% said the problems took a toll on their mental health. The survey included a range of employees across generations and types of work arrangements, including on-site, hybrid, and remote work. All survey participants used a computer or laptop for work at least “sometimes,” according to the study’s methodology. As Kristi Cappelletti-Matthews, chief human resources officer at VSP Vision, noted in the report, “[When] you consider the importance of our vision and its link to our health and day-to-day work, its imperative that theres a collective effort to support better workplace health through exceptional vision care.
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E-Commerce
Scientists have finally given the all-clear to Earth from a newly discovered asteroid. After two months of observations, scientists have almost fully ruled out any threat from the asteroid 2024 YR4, NASA and the European Space Agency said Tuesday. At one point, the odds of a strike in 2032 were as high as about 3% and topped the worlds asteroid-risk lists. ESA has since lowered the odds to 0.001%. NASA has it down to 0.0017% meaning the asteroid will safely pass Earth in 2032 and there’s no threat of impact for the next century. Paul Chodas, who heads NASAs Center for Near Earth Objects Studies, said there is no chance the odds will rise at this point and that an impact in 2032 has been ruled out. “Thats the outcome we expected all along, although we couldnt be 100% sure that it would happen, he said in an email. But theres still a 1.7% chance that asteroid could hit the moon on Dec. 22, 2032, according to NASA. Chodas expects the odds of a moon strike will also fade. The world’s telescopes will continue to track the asteroid as it heads away from us, with the Webb Space Telescope zooming in next month to pinpoint its size. It’s expected to vanish from view in another month or two. Discovered in December, the asteroid is an estimated 130 feet to 300 feet (40 meters to 90 meters) across, and swings our way every four years. While this asteroid no longer poses a significant impact hazard to Earth, 2024 YR4 provided an invaluable opportunity” for study, NASA said in a statement. The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institutes Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content. Marcia Dunn, Associated Press aerospace writer
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