The Cheesecake Factory Reports Strong Q4 Earnings, Exceeding Expectations
CALABASAS HILLS, Calif., March 8, 2023 (GLOBE NEWSWIRE) -- The Cheesecake Factory Incorporated (CAKE) today announced its financial results for the fourth quarter of fiscal 2023.
Key Financial Highlights:
* Net income of $41.2 million, or $0.83 per share
* Adjusted earnings per share of $1.04
* Revenue of $921 million
Analysts' Expectations:
* Earnings per share: $0.92 (consensus estimate of 11 analysts surveyed by Zacks Investment Research)
* Revenue: $912.2 million (consensus estimate of 10 analysts surveyed by Zacks)
Performance Highlights:
* The company reported strong revenue growth, driven by robust demand at its restaurants.
* Adjusted earnings per share exceeded analysts' estimates, driven by cost optimization efforts.
* Cheesecake Factory shares have gained 14% year-to-date and 56% over the past 12 months.
Management Commentary:
"We are pleased with our fourth-quarter performance, which reflects the resilience of our business model despite ongoing economic challenges," said David Overton, Chairman of the Board and CEO of The Cheesecake Factory. "Our commitment to operational excellence and innovation continues to drive success, and we remain confident in our long-term growth prospects."