Business
The Cheesecake Factory Reports Results for First Quarter of Fiscal 2022 and Provides Business Update
First quarter Consolidated Revenues up 27% to $793.7 million Company reinstates quarterly cash dividend and share repurchase program CALABASAS HILLS,
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":"\nFirst quarter Consolidated Revenues up 27% to $793.7 million\nCompany reinstates quarterly cash dividend and share repurchase program\n\n CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2022, which ended on March 29, 2022.\n\nTotal revenues were $793.7 million in the first quarter of fiscal 2022 compared to $627.4 million in the first quarter of fiscal 2021. Net income and diluted net income per common share were $23.2 million and $0.45, respectively, in the first quarter of fiscal 2022.\n\nExcluding the after-tax impact of a $0.8 million charge recorded by the Company primarily associated with FRC acquisition-related items, adjusted net income and adjusted net income per share for the first quarter of fiscal 2022 were $24.0 million and $0.47, 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 20.7% year-over-year in the first quarter of fiscal 2022.\n\nAs of today, indoor dining capacity restrictions have been lifted for all of the Company’s restaurants across all its concepts. Fiscal 2022 second quarter-to-date through April 26th comparable sales for The Cheesecake Factory restaurants increased approximately 8.2% year-over-year, supported by approximately 25% off-premise sales mix.\n\n“Our sales trends across our brands continued to be strong during the first quarter, and this trend has sustained into the second quarter to date. Our restaurants remain competitively well positioned and we are clearly capturing market share as evidenced by our continued outperformance of the broader casual dining industry.” said David Overton, Chairman and Chief Executive Officer. “Given the sales strength and our confidence in the cash generation ability of our business, we are paying a quarterly dividend and reinstated our share repurchase program.”\n\nOverton continued, “We were recently recognized as one of the “100 Best Companies to Work For®” by Fortune magazine for the ninth consecutive year, reinforcing that we continue to be an employer of choice in the restaurant industry. While the environment continues to be challenging, the strength of our best-in-class operators gives me conf...