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Thursday, Nov 30, 2023

Cheesecake Reports Solid Quarter

Cheesecake Factory Inc. on Wednesday reported financial results in line with analysts’ expectations for its fiscal third quarter. The Calabasas operator of casual dining restaurants reported net income of $27.5 million (50 cents a share) for the quarter ended Oct. 1, compared to $27.2 million (51 cents) in the same period a year earlier. Revenue rose 3.5 percent to $470 million. The company recorded a $1.1 million pre-tax charge during the third quarter of fiscal 2013 related to the planned relocation of three Cheesecake Factory restaurants. Excluding the charge, net income was $28.1 million (52 cents a share). The company narrowly missed analysts’ earnings forecasts of 52 cents a share, while slightly beating revenue expectations of $469 million, according to Thomson Financial. Overall, comparable restaurant sales at Cheesecake Factory rose 1 percent, while sales at the company’s Grand Lux Cafe outlets fell 2.6 percent. “We continued to take market share with our 15th consecutive quarter of positive comparable sales,” said Chief Executive David Overton, in a prepared statement. Shares lost 68 cents, or 1.6 percent, to close at $42.81 on the Nasdaq.

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