This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Cheesecake Factory Reports Results For Second Quarter Of Fiscal 2013

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs