Business
The Cheesecake Factory Reports Record Revenues in the Second Quarter of Fiscal 2021 and Provides Business Update
Generated $109 million in cash flow from operations Third quarter-to-date through July 26th comparable sales at The Cheesecake Factory restaurants increased
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":"\nGenerated $109 million in cash flow from operations\n\nThird quarter-to-date through July 26th comparable sales at The Cheesecake Factory restaurants increased 10% over 2019 levels\n\n CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2021, which ended on June 29, 2021. \n\nTotal revenues were $769.0 million in the second quarter of fiscal 2021 compared to $295.9 million in the second quarter of fiscal 2020. Net income available to common stockholders and diluted net income per common share were $17.1 million and $0.37, respectively, in the second quarter of fiscal 2021.\n\nDuring the second quarter of fiscal 2021, the Company recorded $11.4 million in non-cash acquisition-related contingent consideration and amortization expense primarily associated with the amendment to the Fox Restaurant Concepts (“FRC”) acquisition agreement, including the extension of the earn-out period through 2026. Excluding the after-tax impact of this item, the termination of the Company’s interest rate swap agreement and reflecting the then potential impact of the conversion of the Company’s convertible preferred stock into common stock for the period that it was outstanding during the quarter prior to the repurchase and conversion on June 15, 2021, adjusted net income and adjusted net income per share for the second quarter of fiscal 2021 were $43.9 million and $0.80, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.\n\nComparable restaurant sales at The Cheesecake Factory restaurants increased 150.0% year-over-year in the second quarter of fiscal 2021. Relative to the second quarter of fiscal 2019, comparable restaurant sales at The Cheesecake Factory restaurants increased 7.8%.\n\nAs of today, nearly all of the Company’s restaurants across its concepts are operating with no indoor dining restrictions. Fiscal 2021 third quarter-to-date through July 26th comparable sales for The Cheesecake Factory restaurants increased approximately 61% year-over-year and 10% relative to the same period in fiscal 2019, supported by approximately 27% off-premise sales mix. Based on average weekly sales quarter-to-date of approximately $230,000, this equates to nearly $12 million on average...