The Cheesecake Factory of Calabasas reported positive earnings and a 15 percent revenue gain in the fourth quarter.
The company attributed the gain to high guest traffic levels in its three operating marks, The Cheesecake Factory, Grand Lux Café and RockSugar Pan Asian Kitchen.
The company’s total revenues were $477.7 million for the quarter ended Jan. 3, compared to revenues of $416.7 million for the year prior.
Net income increased 36 percent to $29.9 million and diluted income per share was $0.54.Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 3 percent in the fourth quarter of the fiscal year.
In a prepared statement, David Overton, chairman and CEO of The Cheesecake Factory, said the company delivered its best comparable sales and highest guest traffic levels of the year.
“The Cheesecake Factory offers the strongest, most consistent guest experience in the industry – and our numbers confirm it,” Overton said. “We have always been an operating company, and over the past few years, our level of excellence in food, service and overall execution has become even better, further separating our concept from others in the industry. This places us in an extremely strong competitive position,”
The company expects to open seven to eight new restaurants in the U.S this year. It also has plans to open up to three in the Middle East under a license agreement.