Business
The Cheesecake Factory Provides Preliminary First Quarter Fiscal 2020 Sales Update
CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today provided a preliminary first quarter fiscal 2020 sales
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":" CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today provided a preliminary first quarter fiscal 2020 sales update given the impact of COVID-19.\n\n\nFirst quarter fiscal 2020 comparable restaurant sales at The Cheesecake Factory restaurants are expected to be down approximately 13%. These results reflect quarter-to-date through February comparable sales growth of approximately 3%, which was above the broader casual dining industry trend during that period. March comparable sales declined approximately 46%, reflecting the impact of COVID-19.\n\n\nThe Cheesecake Factory restaurants have a long-standing business in the off-premise channel, which enabled a quick pivot to an off-premise only operating model in all open restaurants as required by state and local officials. The Company has seen off-premise sales recently accelerate approximately 85% since the fiscal fourth quarter 2019 level. On an annualized basis, current off-premise sales would equate to over $3 million per unit, on average. The restaurants are operating sustainably at present under this model. Currently, 30 locations across the Company’s concepts, including three The Cheesecake Factory restaurants, are temporarily closed. \n\n\nAbout The Cheesecake Factory Incorporated\n\n\nThe Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 294 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia® and a collection within the Fox Restaurant Concepts subsidiary. Internationally, 26 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2020, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the seventh consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.\n\n\nFrom FORTUNE. ©2020 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Med...