Cava Jumps After Raising Annual Sales Forecast Again on Demand for Steak, Pita Chips

Restaurant chain Cava's stock soared nearly 17% to $169.40 in premarket trading on Wednesday, after it exceeded third-quarter earnings estimates on strong demand for its Mediterranean fare such as pita chips and grilled steak.

Fast-casual restaurants like Cava, Shake Shack and Sweetgreen, which offer salad bowls and cheeseburgers as well as dining space, have grown in popularity this year as customers traded up from fast-food chains amid runaway prices.

Cava has witnessed a 28.4% growth in traffic this year till September, while...

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