Good morning. A mix of Mediterranean flavors in healthy dishes—along with a side of pita chips—continues to lure diners to Cava, propelling the company to a major milestone.
The company announced Thursday that it has surpassed $1 billion in revenue over the most recent 12-month period. Cava’s fast-casual business began in 2010 and started trading on the New York Stock Exchange in 2023. What’s behind the momentum?
The health-conscious meal options resonate with modern consumers, Cava CFO Tricia Tolivar told me. The chain offers curated bowls, pitas, and salads with a variety of protein options and toppings such as hummus, veggies, feta, and Greek vinaigrette.
But it’s not just the food—Cava’s pricing strategy has also played a crucial role, she said. While the Consumer Price Index rose about 23% from the end of 2019 through 2024, Cava’s prices increased only 15%, whereas fast-food prices on average jumped over 30%, Tolivar explained.
“There are no price increases planned for the rest of 2025 at this point,” she said. The company raised menu prices by only 1.7% in January. Tolivar added, “Cava has taken a disciplined approach to avoid passing cost increases onto our guests—absorbing those costs where we can and continuing to invest in the overall guest experience.”
Even as consumers face tough choices amid economic uncertainty and fluctuating tariff policies, Cava’s customer base remains strong. In the first quarter of 2025, same-restaurant sales grew 10.8% year over year, driven by a 7.5% increase in traffic. Tolivar noted that this period, through April 20, includes the Trump administration’s tariffs announcement on April 2. Cava’s competitor Chipotle reported in Q1 that its same-store sales declined by 0.4% and transactions fell by 2.3% as consumers cut back on spending.
“What we’re finding in our Q1 data is that our consumer is very resilient,” Tolivar said. Cava continues to see momentum in premium items like pita chips and house-made juices, as well as strong customer representation across all geographies and income levels, she said.
Cava has also expanded amid economic uncertainty, with 15 restaurant openings in Q1, bringing the total to 382—an 18.3% increase year over year. Restaurants are now in 26 states and Washington, D.C. “Nothing has cast any doubt on what we believe our long-term potential is, and so we feel very positively about those new restaurants,” Tolivar said. “In fact, we raised our guidance this quarter for new restaurant openings.” The company previously projected 62 to 66 new restaurants and has raised that to 64 to 68 for the year. However, Cava maintained its full-year same-store sales forecast of a 6% to 8% increase.
As a CFO navigating uncertain times, Tolivar is prioritizing agility in thinking about the near term and, more importantly, the long term. That includes continued investments in team members through wages and benefits, a focus on customers, and driving positive traffic, she said.
Tolivar said a major part of Cava’s momentum is the company’s employees. At least once a quarter, executives spend time working at restaurants. “Whenever we go out into the restaurants, we always find something that we can do to help our teams and learn more about the guests and how we can make Cava even better,” Tolivar said.
What’s next for Cava’s menu innovation? “Pita chips are evolving as a platform,” Tolivar said. Cava recently launched Hot Harissa pita chips and garlic ranch pita chips. At the same time, the culinary team is working on a long-term pipeline that includes further menu innovation, she said.
I asked Tolivar if pita chips are still her favorite. “I love everything on the menu, but I do have a very soft spot for pita chips,” she said. “When my daughter and I dine at Cava, we definitely get them and fight for the last one.”
Have a good weekend. See you on Monday.
Sheryl Estrada
[email protected]
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Leaderboard
Coins2Day 500 Power Moves
Scott Herren, EVP and CFO of Cisco (No. 74) has decided to retire after nearly five years with the company, effective July 26. Herren will remain employed by Cisco as an executive advisor through May 1, 2026. Mark Patterson has been promoted to EVP and CFO, effective July 27. Patterson currently serves as EVP and chief strategy officer at Cisco. He joined the networking equipment giant in 2000 and has held several roles of increasing responsibility.
David Reeder, CFO of Chewy, Inc. (No. 362), an online retailer of pet food and other pet-related products, announced on May 12 that he will be departing in several months to return to the semiconductor industry as a CEO. Reeder began his tenure as CFO in February 2024. He joined Chewy from GlobalFoundries, Inc., a semiconductor manufacturer, where he has served as CFO since 2020. Reeder will remain as CFO through Chewy’s next earnings announcement in June and assist with a transition as the company conducts a search for his successor.
Every Friday morning, the weekly Coins2Day 500 Power Moves column tracks Coins2Day 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Jill Woodworth was appointed CFO of Prenuvo, a whole-body MRI screening provider. Woodworth was previously CFO at Peloton, where she helped scale the company from a late-stage startup into a publicly traded business, playing a critical role in IPO preparation. Before Peloton, she spent over two decades as a managing director at J.P. Morgan and as an executive director at Morgan Stanley. Woodworth most recently served as CFO at Alation, a data intelligence platform.
Bruce Bower was promoted to CFO of Gorilla Technology Group Inc. (Nasdaq: GRRR), a global provider of software and data processing services, effective June 1. Since joining Gorilla as interim CFO in September 2024, the company has achieved full compliance with the Sarbanes-Oxley Act and resolved previously disclosed material weaknesses, while continuing to secure new partnerships. Bower was previously an emerging markets equities portfolio manager and, earlier in his career, worked at Citigroup.
Benjamin Dorr was promoted from CFO to CEO of WellSaid, an AI voice platform for businesses. Dorr brings over 20 years of executive leadership experience operating and investing in high-growth companies. Before joining WellSaid, Dorr was the chief operating officer of Cordial, an enterprise cross-channel marketing platform.
Christopher Kelly Wall was appointed SVP, CFO and Treasurer of BlueLinx Holdings Inc. (NYSE: BXC), a U.S. Wholesale distributor of building products, effective May 19. Wall, a seasoned finance executive with 30 years of experience, most recently served as EVP and CFO of The Aaron’s Company, Inc. Before that, Wall held senior financial leadership roles at CNG Holdings and TMX Finance, following a 17-year career at Bank of America Merrill Lynch.
Big Deal
The Association of Chartered Certified Accountants has released its third annual "Global Talent Trends Survey." Many respondents see accountancy as a gateway for entrepreneurial ambitions and skills. Over half of North American respondents (54%) indicated they have career ambitions to be entrepreneurs—including 78% of Gen Z respondents.
About two-thirds of respondents (66%) are interested in pursuing accountancy careers focused on environmental issues, and 79% agree that reputation on social and human rights issues would be a key factor in deciding whether to work at an organization. Employability confidence is high with 68% wanting to move roles in the next two years and 43% expecting their next career role to be outside their current organization.
However, AI upskilling is falling short with nearly half of respondents concerned they’re not developing the skills required for the future workplace, according to the report.
Going deeper
Here are four Coins2Day weekend reads:
“Dick’s Sporting Goods just announced it’s buying Foot Locker for $2.4 billion in a move that could be the CEO’s first major mistake” by Phil Wahba
“OpenAI CEO Sam Altman says Gen Z and millennials are using ChatGPT like a ‘life advisor’—but college students might be one step ahead” by Sydney Lake
“Consumer debt delinquency surges to five-year high as student loan payments pause expires” by Greg McKenna
“Good news for night owls: When you need sleep is determined not by laziness, but chronotype. Here’s what that means” by Beth Greenfield
Overheard
“I’m up early Saturday morning to play tennis and I run through the week, also when I’m traveling. After a busy week, cooking with my family is a great way for us to catch up, but skiing together is the ultimate family time.”
—Roy Jakobs, CEO of the Dutch health tech company Royal Philips, told Coins2Day in an interview. Coins2Day 500 Europe executives shared what they do when not at work and how they carve time for it amid their busy schedules.
