Cheesecake Sets Sales Record in 2015

Cheesecake Factory Inc. reported its sixth straight quarter of sales growth in its fourth-quarter earnings Tuesday to top off record sales for the prior year. The Calabasas restaurant chain reported net income was $27.2 million (54 cents a share) for the quarter ended Dec. 29, compared to $24.5 million (48 cents a share) for the year-ago period. Revenue was $527 million, compared to $500 million in the prior year period. Chief Executive David Overton said the business expanded by six restaurants over the quarter and now operates 200 sites, up from 189 at the end of the prior-year quarter. The chain also expanded internationally and now operates 11 restaurants in other countries. For the year, sales reached $2 billion for the first time, Overton said. Sales for the prior year were $1.98 billion, according to the quarterly report. This year, Cheesecake Factory said it plans to open up to eight corporate-owned restaurants in the United States, and four to five restaurants internationally. Shares of Cheesecake Factory closed up $1.14 or 2.4 percent to $49.37 on the Nasdaq.