A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City.Spencer Platt | Getty ImagesCava on Tuesday posted a profitable quarter for its first earnings report since its initial public offering in June.Cava’s stock surged as much as 12% in extended trading. Shares have more than doubled in value since its IPO, fueled largely by its blockbuster public market debut.The Mediterranean restaurant company has a market value of $5.27 billion, as of Tuesday’s close.Here’s what the company reported for the quarter ended July 9:Earnings per share: 21 centsRevenue: $172.9 million vs. $163 millionCava reported second-quarter net income of $6.5 million, or 21 cents per share, swinging from a net loss of $8.2 million, or $6.23 per share, a year earlier.CNBC does not compare reported earnings per share to Wall Street estimates for a company’s first report as a public company, as uncertain share counts can skew expectations.Net sales soared 62% to $172.9 million, fueled by new restaurant openings. The chain said it opened 16 net new Cava restaurants during the period, for a total of 279.Cava’s same-store sales climbed 18.2% in the quarter. The chain said its traffic grew 10.3%, making it an outlier in the broader restaurant i …
