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Jun 30, 2020
The Cheesecake Factory Q2 2020 Earnings Report
The Cheesecake Factory reported financial results for the second quarter of fiscal 2020.
Key Takeaways
The Cheesecake Factory's total revenues were $295.9 million, with a net loss of $56.5 million and a diluted net loss per share of $1.61, reflecting the impact of COVID-19.
Total revenues were $295.9 million compared to $602.6 million in the second quarter of fiscal 2019.
Net loss was $56.5 million, with a diluted net loss per share of $1.61.
Comparable restaurant sales at The Cheesecake Factory restaurants decreased 56.9%.
Approximately 71% of the Company’s restaurants are operating with reopened indoor dining rooms with limited capacity.
The Cheesecake Factory
The Cheesecake Factory
Forward Guidance
The company believes they will continue to be able to effectively manage through and ultimately emerge from this crisis in a strong position.
Positive Outlook
- Operators have done an extraordinary job navigating the myriad of evolving regulations.
- The company has been able to bring a number of staff members back to work.
- There has been very strong pent-up demand when Cheesecake Factory locations reopen on-premise dining.
- Large restaurant footprints and flexible seating layouts are enabling the company to capture meaningful sales levels despite capacity restrictions.
- The company continues to see strength in the off-premise channel at both reopened restaurants and those continuing to operate an off-premise only model.