Business
The Cheesecake Factory Reports Results for First Quarter of Fiscal 2023 and Provides Business Update
CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first 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 first quarter of fiscal 2023, which ended on April 4, 2023.\n\n\nTotal revenues were $866.1 million in the first quarter of fiscal 2023 compared to $793.7 million in the first quarter of fiscal 2022. Net income and diluted net income per share were $28.1 million and $0.56, respectively, in the first quarter of fiscal 2023.\n\n\nThe Company recorded $3.4 million related to pre-tax charges of impairment of assets and lease termination expense and Fox Restaurant Concepts (“FRC”) acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted net income per share for the first quarter of fiscal 2023 were $30.6 million and $0.61, 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 5.7% year-over-year in the first quarter of fiscal 2023 and increased 14.9% relative to fiscal 2019, on an operating week basis.\n\n\n“We were pleased with our first quarter performance highlighted by comparable sales growth across our portfolio of concepts. We delivered a solid start to the year with revenue finishing in-line with our expectations and adjusted net income margin at the high end of our guidance range,” said David Overton, Chairman and Chief Executive Officer. “Consolidated revenue increased 9.1% over the prior year period, driven by sustained healthy consumer demand including strong contributions from the off-premise channel.”\n\n\nOverton continued, “Our strategy continues to be guided by our longstanding commitment to deliver distinct, high quality dining experiences and exceptional hospitality, the hallmarks of our success that have positioned us as a leader in casual dining for over 45 years. We are honored to have been named to the Fortune magazine '100 Best Companies to Work For' list for the tenth consecutive year, underscoring our position as a best-in-class employer.”\n\n\nOverton concluded, “Our solid topline results in the quarter illustrate the broad and enduring appeal of our concepts, and with input costs gradually stabilizing within our range of expectations, we anticipate building on our first quarter op...