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Sep 30, 2023
The Cheesecake Factory Q3 2023 Earnings Report
The Cheesecake Factory reported mixed financial results for the third quarter of fiscal 2023, with revenues increasing but net income showing a slight decrease compared to the previous year.
Key Takeaways
The Cheesecake Factory Incorporated reported total revenues of $830.2 million for the third quarter of fiscal 2023, an increase from $784.0 million in the same period last year. Net income was $17.9 million, or $0.37 per diluted share. Adjusted net income was $19.0 million, or $0.39 per diluted share, excluding acquisition-related expenses. Comparable restaurant sales at The Cheesecake Factory restaurants increased by 2.4% year-over-year.
Total revenues for Q3 2023 reached $830.2 million, up from $784.0 million in Q3 2022.
Diluted net income per share was $0.37, with adjusted diluted net income per share at $0.39.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 2.4% year-over-year.
The company opened two new Cheesecake Factory restaurants during the quarter and repurchased approximately 453,400 shares of its stock.
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 continue its unit growth strategy, with plans to open up to 16 new restaurants in fiscal 2023 and 4 to 6 new restaurants in Q1 2024, despite ongoing permitting delays. They anticipate continued positive sales trends and operational stability.
Positive Outlook
- Continued positive sales trends and outperformance of the broader casual dining industry.
- Resilient consumer demand for high-quality dining experiences.
- Effective management of restaurants and consistent delivery of food quality, service, and hospitality.
- Strong demand for new Cheesecake Factory restaurants, underscoring brand appeal.
- Macroeconomic environment gradually stabilizing and input costs improving, reinforcing belief in future growth.
Challenges Ahead
- Substantial permitting delays continue to pressure opening timelines for new restaurants.
- Strategic shifting of some restaurant openings from late 2023 into Q1 2024 due to delays.
- Experience of delays beyond the company's control in accelerating unit growth.
- Potential impact of economic, public health, and political conditions on consumer confidence and spending.
- Risks associated with supply chain disruptions and market instability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income