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The Cheesecake Factory Reports Results For Second Quarter Of Fiscal 2013

Stocks in this article: CAKE

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2013, which ended on July 2, 2013.

Total revenues were $470.1 million in the second quarter of fiscal 2013 as compared to $454.7 million in the prior year second quarter. Net income and diluted net income per share were $28.6 million and $0.52, respectively, in the second quarter of fiscal 2013.

The Company recorded a pre-tax charge during the second quarter of fiscal 2013 related to the planned relocation of two The Cheesecake Factory restaurants. The amount of the charge was approximately $1.5 million, which decreased diluted net income per share by approximately $0.02. Excluding this item, net income was $29.5 million and diluted net income per share was $0.54.

Operating Results

Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 0.8% in the second quarter of fiscal 2013.

By concept, comparable restaurant sales grew 0.9% at The Cheesecake Factory and grew 0.1% at Grand Lux Cafe.

“We delivered our 14 th consecutive quarter of positive comparable sales in the second quarter, and we continued to outperform the industry. Our strategy is to leverage the strength of our brand to drive sales at full margins. We can accomplish this because our concept is highly differentiated, relevant to consumer tastes and preferences, and we execute very well on food and service,” said David Overton, Chairman and Chief Executive Officer. “We increased our operating margins, as we make ongoing progress toward recapturing our peak margin levels. Our improvement in profitability was accomplished while maintaining excellent guest satisfaction scores, delivering the high quality, consistent dining experience that we are known for,” continued Overton.

Development

The Company continues to expect to open as many as eight to ten new restaurants in fiscal 2013, of which one new restaurant opened in the second quarter in Knoxville, Tennessee.

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