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Mar 31, 2024
The Cheesecake Factory Q1 2024 Earnings Report
The Cheesecake Factory reported financial results for the first quarter of fiscal 2024, with total revenues of $891.2 million and diluted net income per share of $0.68.
Key Takeaways
The Cheesecake Factory Incorporated reported total revenues of $891.2 million for the first quarter of fiscal 2024, an increase from $866.1 million in the prior year. Net income was $33.2 million, resulting in diluted net income per share of $0.68. Adjusted diluted net income per share, excluding certain items, was $0.73. Comparable restaurant sales at The Cheesecake Factory restaurants declined by 0.6% year-over-year.
Total revenues for Q1 2024 were $891.2 million, up from $866.1 million in Q1 2023.
Diluted net income per share was $0.68, with adjusted diluted net income per share at $0.73.
Comparable restaurant sales at The Cheesecake Factory declined by 0.6% year-over-year.
The company opened five new restaurants in Q1 2024, including two North Italia, two FRC, and one Flower Child location, plus one international Cheesecake Factory.
The Cheesecake Factory
The Cheesecake Factory
The Cheesecake Factory Revenue by Segment
Revenue by Segment
Cheesecake Factory Revenue
CapyFin.comNorth Italia Revenue
CapyFin.comOther FRC Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company expects to open as many as 22 new restaurants in fiscal 2024, including up to four The Cheesecake Factory restaurants, six to seven North Italia restaurants, six to seven Flower Child locations, and six to seven FRC restaurants.
Positive Outlook
- Continued expansion with up to 22 new restaurants planned for fiscal 2024.
- Focus on diverse brand portfolio including North Italia, Flower Child, and other FRC concepts.
- Anticipated opening of up to four new The Cheesecake Factory restaurants.
- Planned opening of six to seven North Italia restaurants.
- Planned opening of six to seven Flower Child locations.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Potential impact of economic conditions on consumer confidence and spending.
- Risks associated with supply chain disruptions.
- Uncertainties related to changes in unemployment rates and labor costs.
- Potential impact of adverse weather conditions on restaurant operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income