Cheesecake Factory ( (CAKE) ) has realeased its Q3 earnings. Here is a breakdown of the information Cheesecake Factory presented to its investors.
The Cheesecake Factory Incorporated is a prominent player in the experiential dining industry, operating a variety of restaurant brands, including The Cheesecake Factory, North Italia, and Flower Child, across the United States and Canada, with additional international locations under licensing agreements. It also has a bakery division that supplies cheesecakes and other baked goods.
The Cheesecake Factory reported positive results for the third quarter of fiscal 2024, marking its fourth consecutive quarter of growth in both revenue and net income. The company achieved revenues of $865.5 million, up from $830.2 million in the same quarter last year, and net income increased to $30.0 million, with a diluted net income per share of $0.61.
Key performance indicators included a 1.6% year-over-year increase in comparable restaurant sales and the opening of four new restaurants during the quarter. The company also highlighted improvements in labor productivity, staff retention, and guest satisfaction. The expansion strategy remains robust with a total of 17 new restaurants opened year-to-date and expectations to open up to 22 new locations by year-end.
The company’s financial position remains strong with available liquidity of $288.7 million and a continued focus on operational excellence. The Board of Directors declared a quarterly dividend of $0.27 per share, reinforcing a commitment to shareholder returns.
Looking ahead, The Cheesecake Factory remains committed to its growth plans and operational improvements to create sustainable long-term value. The company aims to continue capturing market share and expanding its restaurant footprint, with a focus on maintaining its strong performance into 2025 and beyond.
