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Apr 04, 2023
The Cheesecake Factory Q1 2023 Earnings Report
The Cheesecake Factory's first quarter performance was highlighted by comparable sales growth across its portfolio of concepts, with revenue finishing in-line with expectations and adjusted net income margin at the high end of guidance.
Key Takeaways
The Cheesecake Factory Incorporated reported total revenues of $866.1 million for the first quarter of fiscal 2023, compared to $793.7 million in the first quarter of fiscal 2022. Net income was $28.1 million, or $0.56 per share. Adjusted net income was $30.6 million, or $0.61 per share.
Total revenues reached $866.1 million, a 9.1% increase compared to the prior year.
Net income amounted to $28.1 million, with diluted net income per share at $0.56.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 5.7% year-over-year and 14.9% relative to fiscal 2019.
The Company opened two new restaurants, a Doughbird and a Flower Child, during the quarter.
Forward Guidance
The Company expects to open as many as 20 to 22 new restaurants in fiscal 2023, including as many as five to six The Cheesecake Factory restaurants, five to six North Italia restaurants, and as many as ten FRC restaurants, including three to four Flower Child locations. In addition, in fiscal 2023 the Company expects two to three The Cheesecake Factory restaurants to open internationally under licensing agreements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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