Business
The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2024
CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":" CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2024, which ended on July 2, 2024.\n\n\nTotal revenues were $904.0 million in the second quarter of fiscal 2024 compared to $866.2 million in the second quarter of fiscal 2023. Net income and diluted net income per share were $52.4 million and $1.08, respectively, in the second quarter of fiscal 2024.\n\n\nThe Company recorded a pre-tax net expense of $1.0 million related to Fox Restaurant Concepts (“FRC”) acquisition-related expenses and impairment of assets and lease termination income. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the second quarter of fiscal 2024 were $53.2 million and $1.09, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.\n\n\nComparable restaurant sales at The Cheesecake Factory restaurants increased 1.4% year-over-year in the second quarter of fiscal 2024.\n\n\n“Building on our first quarter momentum, we delivered solid top- and bottom-line results in the second quarter contributing to a strong performance in the first half of the year,” said David Overton, Chairman and Chief Executive Officer. “Our second quarter revenue finished towards the higher end of our expectations, and we generated robust earnings growth with profit margins exceeding the high end of our expectations. Our second quarter results were led by the strength of The Cheesecake Factory restaurants. The resilient consumer demand for the distinct, high-quality dining experiences we provide our guests and brand affinity for our namesake concept has been pivotal in supporting our continued outperformance of the broader casual dining industry. Our operators drove solid operational execution within our restaurants to deliver year-over-year improvements in labor productivity and hourly staff and manager retention.”\n\n\n“We opened five new restaurants across various concepts and markets during the second quarter. The strong demand and sales performance at our new restaurant openings underscores the broad appeal of our experiential concepts. With 11 restaurants opened as of today, we are well-positioned to meet our development objective to open as many as 22 n...