The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2012, which ended on October 2, 2012.
Total revenues were $453.8 million in the third quarter of fiscal 2012 as compared to $430.4 million in the prior year third quarter. Net income and diluted net income per share were $27.2 million and $0.49, respectively.
Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 2.5% in the third quarter of fiscal 2012. By concept, comparable restaurant sales grew 2.9% at The Cheesecake Factory and declined 2.0% at Grand Lux Cafe.
“We delivered a 36 percent increase in earnings per share this quarter driven by a competitively strong comparable sales increase at the high-end of our expectations, and solid cost management,” said David Overton, Chairman and Chief Executive Officer.
“Our sales growth was primarily due to increases in guest traffic, as we extend our market share gains. We have a nearly 35-year track record of executing the highest volume, highest complexity restaurants in casual dining, and yet we still keep getting better and better at operating our restaurants. We see ongoing improvements in overall guest satisfaction scores, which is critical to attracting and retaining guests,” continued Overton. “The tenure, knowledge and commitment of our operations team are outstanding and those are key success factors to our performance,” concluded Overton.
The Company expects to open as many as eight new restaurants in fiscal 2012, four of which are already open. Of the remaining new restaurant openings, two locations are expected to open in each of November and December 2012.
Internationally, the first The Cheesecake Factory restaurant opened in Dubai in August 2012 under a licensing agreement. The Company expects as many as three new locations to open in the Middle East in fiscal 2012.