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Sep 30, 2024
The Cheesecake Factory Q3 2024 Earnings Report
The Cheesecake Factory reported strong financial results for the third quarter of fiscal 2024, with increased revenues and net income.
Key Takeaways
The Cheesecake Factory Incorporated announced robust third-quarter fiscal 2024 results, with total revenues reaching $865.5 million, up from $830.2 million in the prior year. Net income stood at $30.0 million, or $0.61 per diluted share, demonstrating continued growth and operational efficiency.
Total revenues increased to $865.5 million in Q3 2024 from $830.2 million in Q3 2023.
Net income for Q3 2024 was $30.0 million, with diluted net income per share at $0.61.
Comparable restaurant sales at The Cheesecake Factory restaurants grew by 1.6% year-over-year.
The company opened four new restaurants during the quarter and a total of 17 new openings year-to-date.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects to continue its growth trajectory, focusing on operational excellence and expanding its restaurant footprint, with plans to open as many as 22 new restaurants in fiscal 2024.
Positive Outlook
- Continued strong operational execution and benefits of scale.
- Capturing market share with strong outperformance in comparable sales and traffic.
- Significant improvements in labor productivity, hourly staff and manager retention, and guest satisfaction scores.
- Successful expansion of restaurant footprint with 17 new openings year-to-date.
- Confidence in achieving near-term and longer-term development objectives.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Potential impact of economic conditions and interest rate fluctuations.
- Possible supply chain disruptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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