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Tuesday, Feb 7, 2023

Cheesecake Misses Earnings Estimates

Cheesecake Factory Inc. on Wednesday reported fiscal fourth quarter earnings that missed analysts’ estimates. The Calabasas restaurant chain posted net income of $24.5 million (48 cents a share) in the quarter ended Dec. 30, compared to $33 million (64 cents) in the same period a year earlier. Revenue rose about 5 percent to $499 million. Analysts on average expected net income of 60 cents on revenue of about $510 million, according to Thomson Financial Network. The company said it opened five restaurants in the quarter, meeting its objectives to open 10 company-owned restaurants during the year. It also opened four international locations under licensing agreements. The company expects to open as many as 11 company-owned restaurants domestically this year and another four in the Middle East and Mexico under licensing agreements. “We continued to achieve a consistent level of sales at our existing Cheesecake Factory restaurants, with the fourth quarter completing our fifth consecutive year of delivering positive quarterly comparable sales,” said Chief Executive David Overton in a statement. Shares closed down $1.09, or 2 percent, to $53.04 on the Nasdaq.

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