The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2011, which ended on January 3, 2012.
Total revenues were $477.7 million in the fourth quarter of fiscal 2011 as compared to $416.7 million in the prior year fourth quarter (14 weeks vs. 13 weeks). The additional week in the fourth quarter of fiscal 2011 contributed approximately $43 million of sales. Net income and diluted net income per share were $29.9 million and $0.54, respectively.
In compliance with accounting rules, the Company recorded a pre-tax, non-cash charge of $1.5 million related to the impairment of three restaurants during the fourth quarter of fiscal 2011. In addition, the Company recorded a pre-tax benefit of $0.7 million and a reduction to its income tax provision of $1.1 million, both related to a partial settlement with the Internal Revenue Service. On a combined basis, the items above increased diluted net income per share by approximately $0.01. Excluding these items, net income was $29.4 million and diluted net income per share was $0.53.
Operating ResultsComparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 2.7% in the fourth quarter of fiscal 2011 (14 weeks vs. 14 weeks). By concept, comparable restaurant sales grew 2.7% at The Cheesecake Factory and 1.9% at Grand Lux Cafe. “We delivered our best comparable sales and highest guest traffic levels of the year, driving 36 percent earnings per share growth. The Cheesecake Factory offers the strongest, most consistent guest experience in the industry – and our numbers confirm it. We have always been an operating company, and over the past few years, our level of excellence in food, service and overall execution has become even better, further separating our concept from others in the industry. This places us in an extremely strong competitive position,” said David Overton, Chairman and CEO.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV