Cheesecake Reports Rising Sales

The Cheesecake Factory Inc. reported its 28th straight quarter of increasing comparable sales data on Wednesday. The Calabasas restaurant group, which operates 208 locations and employs around 35,000 workers under its three brands, had earnings of $32.4 million (66 cents a share) on revenue of $603 million for the quarter. That compares to net income of $27.2 million (54 cents) for the same quarter a year ago. Analysts on average had expected net income of 67 cents a share on $595 million in quarterly revenues, according to Thomson Financial Network. The results aligned with Wall Street expectations and represented an increase of around 16 percent over the same period last year, but the company noted that last year’s fourth quarter had an extra week than in 2015. Cheesecake saw a 1.1 percent increase in year-over-year sales at its signature Cheesecake Factory restaurants, noted Chief Executive David Overton. “We delivered our 28th consecutive quarter of positive comparable sales, marking seven years of strong financial performance,” he said. “We believe we will uphold our leadership position in the casual dining industry in 2017 and beyond.” Cheesecake stock (CAKE) fell 57 cents, or around 1 percent, on Wednesday to close at $60.10 on the Nasdaq.