Business
The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2022 and Provides Business Update
CALABASAS HILLS, Calif.CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":" CALABASAS HILLS, Calif.CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2022, which ended on June 28, 2022.\n\nTotal revenues were $832.6 million in the second quarter of fiscal 2022 compared to $769.0 million in the second quarter of fiscal 2021. Net income and diluted net income per share were $25.7 million and $0.50, respectively, in the second 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 second quarter of fiscal 2022 were $26.4 million and $0.52, 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 4.7% year-over-year in the second quarter of fiscal 2022.\n\n“We were pleased with our second quarter topline results across our brands, as we continued to outperform the broader casual dining industry, underscoring the strength of our portfolio,” said David Overton, Chairman and Chief Executive Officer. “Within the four walls of our restaurants, our tenured operators remained focused on delivering delicious, memorable experiences for our guests while maintaining our high labor productivity and food efficiency results.”\n\n“The inflationary environment remains dynamic and in the second quarter we faced measurably higher costs than anticipated. Despite these near-term headwinds, we remain committed to returning margins to pre-pandemic levels while managing our business for the long-term. With record restaurant staffing levels in July and our proven track record of resiliency, I remain confident in our ability to deliver on our objectives and create long-term shareholder value.”\n\nDevelopment\n\nThe Company now expects to open as many as 15 new restaurants in fiscal 2022, including as many as four Cheesecake Factory restaurants, four North Italia restaurants, and as many as seven FRC restaurants, including three Flower Child locations. This includes the opening of the first brick and mortar location of Fly Bye, FRC’s newest fast casual dining concept offering Detroit-style pizza and crispy chicken, wh...