Cheesecake Factory Comps Fall

Total third-quarter revenue rises 11%.
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Restaurant operator

Cheesecake Factory

(CAKE) - Get Report

said Monday that its third-quarter revenue rose 11%, while comparable-store sales dropped 1.6%.

Total revenue increased to $325 million in the quarter ended Oct. 3 from $292.8 million a year ago.

By concept, same-store sales decreased 2.1% at The Cheesecake Factory and increased 6.7% at Grand Lux Cafe.

"We are encouraged by our recent sales trends," the company said. "Considering that we did not implement a price increase in our new menu, which we rolled out this summer, and factoring in the impact of the calendar shift, we estimate comparable restaurant sales for the third quarter would have been basically flat, a nice sequential improvement from the second quarter."

The Calabasas Hills, Calif.-based company opened eight restaurants year-to-date, including three Cheesecake Factory restaurants and one Grand Lux Cafe in the third quarter. The company reiterated its target of opening as many as 21 restaurants in fiscal 2006.

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