Cheesecake Factory Inc. squeezed out a profit for its latest quarter as diners started to return to its locations.
The casual-dining company behind its namesake chain and other restaurants on Wednesday reported a net income of $3.9 million for its fiscal first quarter, compared with a loss of $136.2 million for the year-earlier period, when the spread of the coronavirus was first hampering demand.
Cheesecake Factory reported a loss tied to common shares of 3 cents, compared with a loss of $3.11 a share during the comparable quarter. It reported an adjusted profit of 20 cents a share, better than the 4 cent a share loss that analysts polled by FactSet predicted.
Revenue rose to $627.4 million from $615.1 million, and therefore beat the $604 million consensus estimate.
Comparable sales at Cheesecake Factory restaurants gained 2.8% versus last year, reflecting better demand as the economy reopened.
The Cheesecake Factory, with restaurants brands that are focused on sit-down dining, was hit hard by the pandemic as locations were closed or operated with reduced capacity.
The company said "nearly all" of its restaurants, including 206 Cheesecake Factory locations, are now operating with indoor dining options, albeit with limited seating capacities.
"We saw a significant increase in sales at the Cheesecake Factory restaurants and across our portfolio in March as Cocid-19 dining restrictions eased and consumer spending generally increased," Chief Executive David Overton said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
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April 29, 2021 at 03:55AM
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Cheesecake Factory stock jumps 8% after Q1 profit - MarketWatch
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