Cheesecake Factory Inc. on Wednesday reported fiscal first quarter profit that exceeded analyst estimates after solid growth in same-store sales.
The Calabasas restaurant chain posted net income of $28.4 million (56 cents a share) in the quarter ended March 31, compared to $22.5 million (44 cents) in the same period a year earlier. Revenue rose about 7 percent to $518 million.
Analysts on average expected net income of 48 cents on revenue of about $520 million, according to Thomson Financial Network.
Comparable sales at Cheesecake Factory restaurants increased 4.2% in the quarter.
The company also said it plans to open 11 company-owned restaurants domestically in 2015, the first of which will open in the second quarter. An additional four restaurants will be opened in the Middle East and Mexico under licensing agreements.
“We delivered a remarkable comparable sales increase at The Cheesecake Factory in the first quarter, beginning our sixth consecutive year of achieving positive quarterly comparable sales. Importantly, we experienced a solid increase in guest traffic during the quarter on the strength of our brand and highly differentiated guest experience,” said Chief Executive David Overton in a statement.
Shares closed up 84 cents, or 1.7 percent, to $50.05 on the Nasdaq.