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Saturday, Sep 23, 2023

Cheesecake Beats Analyst Estimates Despite Storms

Cheesecake Factory Inc. beat analysts’ profit and revenue estimates for the first quarter, the company said Wednesday. The Calabasas operator of casual dining restaurants reported net income of $25.3 million (47 cents a share), compared to $20.7 million (37 cents) in the first quarter last year. Revenues rose about 6 percent to $463 million. The company beat analyst forecasts of 42 cents on revenue of $455.3 million, according to data from Thomson/First Call. Overall, comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe outlets rose 1.4 percent, despite lower foot traffic due to storms in the Northeast, the company said. “We are now into our fourth year of delivering positive, quarterly comparable restaurant sales,” said Chief Executive David Overton, in a statement. “And once again, our sales solidly outpaced the industry, coming in at the top end of our expectations.” In the first quarter, the company repurchased 1.2 million shares of its common stock at a cost of $42 million. In addition, Cheesecake declared a quarterly cash dividend of 12 cents a share. The dividend is payable on May 21 to shareholders of record as of May 8. Shares lost 28 cents, or less than 1 percent, to close at $37.75 on the Nasdaq.

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