Business
The Cheesecake Factory Reports Results for Third 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 third 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 third quarter of fiscal 2023, which ended on October 3, 2023.\n\n\nTotal revenues were $830.2 million in the third quarter of fiscal 2023 compared to $784.0 million in the third quarter of fiscal 2022. Net income and diluted net income per share were $17.9 million and $0.37, respectively, in the third quarter of fiscal 2023.\n\n\nThe Company recorded a pre-tax net expense of $1.5 million primarily related to Fox Restaurant Concepts (“FRC”) acquisition-related expenses. Excluding the after-tax impact of this item, adjusted net income and adjusted net income per share for the third quarter of fiscal 2023 were $19.0 million and $0.39, 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 2.4% year-over-year in the third quarter of fiscal 2023 and increased 12.6% relative to the third quarter of fiscal 2019, on an operating week basis.\n\n\n“Our third quarter results reflect positive sales trends, as we continued to outperform the broader casual dining industry led by solid comparable sales growth at The Cheesecake Factory restaurants,” said David Overton, Chairman and Chief Executive Officer. “Our performance amidst the softening sales environment is a testament to the resilient consumer demand for the distinct, high-quality dining experiences we provide our guests. Our tenured operators continued to do an excellent job effectively managing their restaurants and consistently delivering exceptional food quality, service and hospitality to drive sales.”\n\n\n“During the quarter we opened two Cheesecake Factory restaurants to strong demand, further underscoring the enduring appeal and brand affinity for our flagship concept. We remain sharply focused on accelerating our unit growth to achieve our long-term development objectives, even though we continue to experience delays beyond our control. As the macroeconomic environment has gradually stabilized and input costs have continued to improve this year, the stability of our operational and financial performance reinforces our belief we are well positioned to drive meaningful growth, shareholder value and mar...