Cheesecake Meets Wall Street Expectations in Q4

Cheesecake Factory Inc. released on Wednesday its financial results for the fourth quarter and full year of 2017. The Calabasas restaurant group, which operates more than 200 restaurants under its three brands, reported adjusted net income of $24.6 million in the fourth quarter of 2017, according to filings with the Securities and Exchange Commission. Earnings were 53 cents a share, compared to 67 cents a share for the year prior. Revenue for the period was $572 million. Cheesecake generated $603 million in the fourth quarter of last year. Same restaurant sales fell just under 1 percent during the quarter, compared to the same period a year ago. The results were in line with Wall Street estimates for the period. Analysts on average had expected earnings of 53 cents a share on revenue of $572 million, according to Thomson Reuters. Cheesecake had full-year net income of $125 million, compared to around $139 million last year. Earnings were $2.60 a share; the company’s earnings for 2016 were $2.83 a share. Cheesecake’s three brands are Cheesecake Factory, Grand Lux Cafe and RockSugar Southeast Asian Kitchen restaurants. Cheesecake released the report after market close on Wednesday. The company’s stock (CAKE) rose 61 cents, or around 1 percent, during the day to close at $46.22 on the Nasdaq.