CAVA Group Inc. (CAVA  ) experienced a significant stock price increase of 17.18% during pre-market on Wednesday after announcing robust third-quarter earnings and revising its annual outlook upwards, according to Benzinga Pro.

The fast-casual chain, known for its Mediterranean-inspired cuisine, reported earnings of 15 cents per share, surpassing the analyst consensus of 11 cents. Quarterly revenue reached $243.82 million, exceeding expectations of $233.59 million and marking an increase from $175.55 million in the same period last year.

The company, a rival to Chipotle Mexican Grill, Inc. (CMG  ) opened 11 new restaurants, bringing the total to 352, reflecting a 21.4% year-over-year growth in restaurant count.

Same-restaurant sales grew by 18.1%, with guest traffic up by 12.9%. The average unit volume (AUV) was reported at $2.8 million, compared to $2.6 million in the previous year. Restaurant-level profit rose by 41.9% to $61.8 million, with a profit margin of 25.6%.

CEO Brett Schulman highlighted the brand's strength and strategic initiatives, including a new loyalty program and labor model. The company increased its fiscal year 2024 outlook for new restaurant openings and same-restaurant sales growth. CAVA shares rose 14.80% after-hours, trading at $166.