Calabasas-based restaurateur Cheesecake Factory nearly climbed back to profitability during the first quarter, according to financial data the company reported on Wednesday.
The company reported a net loss of $1.2 million (-3 cents per share) for the quarter ended March 30, compared to a loss of $136 million (-$3.11) in the same quarter a year ago. Revenues grew 2 percent to $627 million.
Same-store sales in the quarter increased 2.8 percent.
“As COVID-related dining restrictions eased in many of our markets and consumer spending generally increased, we leveraged our large restaurant footprints, patio space, flexible seating layouts, and strong position in the off-premise channel to drive comparable sales at The Cheesecake Factory restaurants that surpassed pre-COVID 2019 levels quarter-to-date despite continued indoor dining capacity restrictions,” the report stated.
“Our operators did a tremendous job managing the dine-in and off-premise sales levels, delivering delicious memorable experiences for our guests, and also exceeding our expectations across our key performance indicators,” Chief Executive David Overton said in a presentation to investors on Wednesday.
Shares of Cheesecake Factory (CAKE) closed Friday down 61 cents, or nearly 1 percent, to $62.59 on the Nasdaq.