Market Updates
Cheesecake Net Jumps Five-fold, Reinstates Dividend and Buyback
Scott Peters
27 Apr, 2022
New York City
The Cheese Cake Factory Incorporated reported fiscal first-quarter 2022, ending on March 29, sales rose 26% to $793.7 million, net income surged five-fold to $23.2 million from $3.8 million, and diluted earnings per share was 45 cents compared to a loss of 3 cents.
Comparable sales at restaurants across all its brands increased 8.2% driven by 20.7% increase at its namesake brand.
Off-premise sales were about 25% of total sales.
Cheesecake Factory Restaurants revenues surged 41% to $609.8 million from $499 million.
North Italia revenues soared 36% to $52.7 million from $32.8 million a year ago.
The restaurant chain now expects to open as many as 15 to 16 new restaurants in fiscal 2022, including as many as four Cheesecake Factory restaurants, four to five North Italia restaurants, and as many as seven FRC restaurants, including three to four Flower Child locations.
This includes a Flower Child which opened subsequent to the first quarter-end in Fort Worth, Texas.
The company reinstated its quarterly dividend at 27 cents a share and its stock repurchase program.
The company added one and operated a total of 208 restaurants and total restaurant operating weeks increased to 2,704 from 2,678.
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