Cheesecake Factory Reports Higher 2Q Profit, Sales

Dow Jones
07/29
 

The Cheesecake Factory reported higher profit in its second quarter as increased customer traffic from menu innovation and marketing efforts drove revenue.

The restaurant chain reported profit of $68.4 million, or $1.41 a share, compared with $54.8 million, or $1.14 a share, a year earlier.

Adjusted earnings per share were $1.44. Analysts polled by FactSet expected $1.18.

Revenue rose to $1.03 billion from $955.8 million a year earlier. Analysts were expecting $999.5 million.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 5.8% compared with a year ago.

Chief Executive David Overton said The Cheesecake Factory's comparable sales and traffic outperformed the broader casual dining industry. He added that momentum from menu innovation, rewards programs and marketing efforts drove revenue.

The company opened four new restaurants in its second quarter. The company expects to open up to 26 restaurants in the fiscal year.

 
 

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