Cava Group Inc. cut its full-year sales growth targets after foot traffic stalled in the third quarter, adding to worrying trends that financially squeezed consumers are forgoing fast-casual restaurants.
Sales from existing restaurants will grow 3% to 4% this year, down from a previous view of 4% to 6%, the company said in a statement Tuesday. Analysts had projected 4.7%.
Cava shares fell 6.6% at 6:03 p.m. in postmarket trading in New York. Through Tuesday’s close, they’d dropped 54% year to date.
The results come a week after Chipotle Mexican Grill Inc., the largest fast casual chain in the ...
