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Sep 29, 2020
The Cheesecake Factory Q3 2020 Earnings Report
The Cheesecake Factory reported results for the third quarter of fiscal year 2020.
Key Takeaways
The Cheesecake Factory Incorporated reported a decrease in total revenues to $517.7 million compared to $586.5 million in the third quarter of fiscal 2019. The company experienced a net loss of $28.3 million, or $0.76 per share, reflecting the impact of COVID-19.
Total revenues were $517.7 million in the third quarter of fiscal 2020 compared to $586.5 million in the third quarter of fiscal 2019.
Net loss and diluted net loss per share were $28.3 million and $0.76, respectively, in the third quarter of fiscal 2020, reflecting the impact of COVID-19.
Comparable restaurant sales at The Cheesecake Factory restaurants decreased 23.3% in the third quarter of fiscal 2020, reflecting the impact of COVID-19.
As of today, approximately 90% of the Company’s restaurants across its concepts, including 187 Cheesecake Factory locations, are operating with reopened indoor dining rooms with limited capacity in accordance with local mandates and social distancing protocols.
The Cheesecake Factory
The Cheesecake Factory
Forward Guidance
The Company expects to continue to manage through the COVID-19 environment and emerge in a competitively strong position.
Positive Outlook
- The Cheesecake Factory restaurants with reopened indoor dining rooms have recaptured, on average, approximately 90% of prior year annualized sales volumes.
- Off-premise sales mix is approximately 40%.
- The company was able to maintain the vast majority of off-premise sales from the second quarter, even with additional restaurants able to reopen indoor dining rooms during the third quarter
- Continued sales recovery at North Italia
- Continued sales recovery at the FRC concepts