Cava stock crashed after the restaurant chain missed expectations for the second quarter.

Same-store sales slowed, and the company slashed its full-year outlook.

The stock is still pricey, but it looks more appealing than in the past.

"The next Chipotle" isn't getting much love from investors these days. Shares of Cava Group (NYSE: CAVA) crashed this week following a second-quarter report that missed the mark. Revenue came up short of analyst expectations, and same-store sales grew by just 2.1%. The fast-casual restaurant chain also slashed its full-year outlook for same-store sales to a range of 4% to 6%, a full two percentage points lower than its previous guidance.

Cava CFO Tricia Tolivar pointed to a few factors that impacted the company's Q2 results. First, Cava added steak to its menu last year, giving it a boost that the company is now lapping. The steak launch made the comparison tougher and contributed to the slowdown in same-store sales.

Second, the restaurants that opened in 2024 suffered what Tolivar called a "honeymoon effect." Those restaurants outperformed sales expectations initially, but that quick initial growth couldn't be sustained. The company hasn't experienced this type of post-opening slowdown in previous years, so it was unexpected.