Cheesecake Factory Inc. on Wednesday reported second quarter earnings that beat analysts’ estimates on higher sales per restaurant.
The Calabasas restaurant chain posted net income of $35 million (69 cents a share) in the quarter ended June 30, compared to $30 million (59 cents) in the same period a year earlier. Revenue rose about 6 percent to $529 million.
Analysts on average expected net income of 62 cents on revenue of about $530 million, according to Thomson Financial Network.
The company opened two The Cheesecake Factory restaurants and one Grand Lux Cafe restaurant during the second quarter. It reported comparable restaurant sales increased by 2.8 percent.
Internationally, the company still plans to open three additional restaurants in the Middle East and Mexico under licensing agreements.
“(This is) our 22nd consecutive quarter of comparable sales gains and another in which we outperformed the industry by a solid margin,” said Chief Executive David Overton in a statement. “We are well positioned as we enter the second half of the year, with our newer restaurants performing well and our core business on solid ground.”
Shares closed up 99 cents, or 1.8 percent, to $55.12 on the Nasdaq.