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Wednesday, Jul 6, 2022

Cheesecake Factory Rebounds in First Quarter

 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.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.

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