Cheesecake Factory's profit tops expectations
Cheesecake reports sweet first quarter on sales gains, shares rise after hours
CALABASAS HILLS, Calif. (AP) -- The Cheesecake Factory Inc. said Wednesday that its first-quarter profit jumped about 22 percent on higher revenue from its chain of restaurants.
The company earned $25.3 million, or 47 cents per share, for the period that ended April 2. That compares with $20.7 million, or 37 cents per share, in the first quarter of 2012.
Cheesecake Factory took a $644,000 charge for closing three Grand Lux Cafe restaurants during the most recent period. Excluding that, net income was $25.7 million or 47 cents per share.
Revenue increased to $463 million from $435.8 million.
The results exceeded Wall Street forecasts. Analysts polled by FactSet expected 42 cents per share on revenue of $456.2 million.
Sales at restaurants open at least a year increased 1.4 percent. That is a key indicator of financial performance because it excludes the impact of recently opened or closed sites. Revenue rose 1.6 percent at The Cheesecake Factory and fell 0.9 percent at Grand Lux Cafe.
The company, based in Calabasas Hills, Calif., operates 174 restaurants in the U.S. under the Cheesecake Factory, Grand Lux Cafe and RockSugar Pan Asian Kitchen names. It also has licensing agreements for three international Cheesecake Factory sites.
Cheesecake Factory shares rose$1.86, or 4.9 percent, to $39.60 in after-hours trading. The stock lost 29 cents to close regular trading at $37.74.
