The Cheesecake Factory Q1 2021 Earnings Report
Key Takeaways
The Cheesecake Factory Incorporated reported total revenues of $627.4 million, a net loss of $1.2 million, and an adjusted net income of $10.8 million for the first quarter of fiscal 2021. Comparable restaurant sales at The Cheesecake Factory restaurants increased 2.8% year-over-year.
Total revenues reached $627.4 million compared to $615.1 million in the first quarter of fiscal 2020.
Net loss available to common stockholders was $1.2 million, or $0.03 per share.
Adjusted net income was $10.8 million, or $0.20 per share.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 2.8% year-over-year.
The Cheesecake Factory
The Cheesecake Factory
The Cheesecake Factory Revenue by Segment
Forward Guidance
The Cheesecake Factory anticipates continued strength in off-premise sales and expects its team to differentiate it in the COVID-19 operating environment as it emerges from the pandemic.
Positive Outlook
- Second quarter-to-date comparable sales at The Cheesecake Factory restaurants increased over 2019 levels.
- Comparable sales for The Cheesecake Factory restaurants increased approximately 220% year-over-year through April 27th.
- Comparable sales increased 7% relative to the same period in fiscal 2019.
- Performance demonstrates the power of The Cheesecake Factory brand.
- Operators delivered delicious, memorable experiences for guests and also exceeded expectations across key performance indicators, including operating margins.
Challenges Ahead
- The rapidly evolving nature of the COVID-19 pandemic and related containment measures.
- Potential for a complete shutdown of the Company’s restaurants, international licensee restaurants and the Company’s bakery operations.
- Economic, public health and political conditions that impact consumer confidence and spending, including the impact of the COVID-19 pandemic and other health epidemics or pandemics on the global economy.
- Changes in laws impacting the Company’s business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premise dining.
- Unanticipated costs that may arise in connection with a return to normal course of business including potential negative impacts from furlough actions.