Cava cuts full-year forecast, in another warning sign for fast-casual restaurants
1. Cava cuts full-year forecast for second quarter due to low consumer demand. 2. Younger consumers are visiting less due to higher unemployment and student loans. 3. Same-store sales growth projected to be reduced to 3-4%. 4. Net sales increased 20% to $292.2 million, boosted by new openings. 5. Shares fell 5% after the announcement, down 54% year-to-date.