Mediterranean chain Cava lowers forecast after disappointing same-store sales growth
1. Cava lowered its same-store sales growth forecast to 4-6%. 2. Shares plummeted 18% after disappointing second-quarter results. 3. Net income decreased to $18.4 million, missing revenue expectations. 4. Cava participated in a $25 million funding round for Hyphen. 5. Quarterly sales growth was only 2.1%, significantly under expectations.