Business
The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2021 and Provides Business Update
Fourth quarter-to-date through November 2nd comparable sales at The Cheesecake Factory restaurants increased 10.5% over 2019 levels CALABASAS HILLS,
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":"\nFourth quarter-to-date through November 2nd comparable sales at The Cheesecake Factory restaurants increased 10.5% over 2019 levels\n\n CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2021, which ended on September 28, 2021.\n\nTotal revenues were $754.5 million in the third quarter of fiscal 2021 compared to $517.7 million in the third quarter of fiscal 2020. Net income available to common stockholders and diluted net income per common share were $32.7 million and $0.64, respectively, in the third quarter of fiscal 2021. These results reflect the impact of $3.3 million in higher than anticipated group medical insurance costs, as well as $4.6 million in incremental costs associated with the pandemic environment. Excluding the after-tax impact of the non-cash acquisition-related contingent consideration and amortization expense, adjusted net income and adjusted net income per share for the third quarter of fiscal 2021 were $33.2 million and $0.65, 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 41.1% year-over-year in the third quarter of fiscal 2021. Relative to the third quarter of fiscal 2019, comparable restaurant sales at The Cheesecake Factory restaurants increased 8.3%.\n\nAs of today, nearly all of the Company’s restaurants across its concepts are operating with no indoor dining restrictions. Fiscal 2021 fourth quarter-to-date through November 2nd comparable sales for The Cheesecake Factory restaurants increased approximately 20% year-over-year and 10.5% relative to the same period in fiscal 2019, supported by approximately 28% off-premise sales mix. Average weekly sales quarter-to-date are approximately $213,000 and off-premise average weekly sales of $60,000 are nearly double the level seen during the same period in fiscal 2019.\n\n“We drove strong sales performance at The Cheesecake Factory restaurants and across our concepts during the third quarter despite the surge in COVID-19 cases from the Delta variant,” said David Overton, Chairman and Chief Executive Officer. “Our teams also generated solid profitability in the face of higher than anticipated group med...