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Dec 31, 2023
The Cheesecake Factory Q4 2023 Earnings Report
The Cheesecake Factory reported its financial results for the fourth quarter of fiscal 2023, showing a decrease in total revenues but an increase in net income compared to the previous year.
Key Takeaways
The Cheesecake Factory reported total revenues of $877.0 million for the fourth quarter of fiscal 2023, a decrease from $892.8 million in the same period last year, primarily due to having one less week in the current quarter. Excluding the impact of the additional week in fiscal 2022, total revenues increased by 7.7%. Net income for the quarter was $12.7 million, or $0.26 per diluted share, a significant improvement from a net loss in the prior year.
Total revenues for Q4 2023 were $877.0 million, down from $892.8 million in Q4 2022, but up 7.7% excluding the impact of an extra week in fiscal 2022.
Net income for Q4 2023 was $12.7 million, or $0.26 per diluted share, compared to a net loss of $3.3 million, or $(0.07) per diluted share, in Q4 2022.
Adjusted net income for Q4 2023 was $39.0 million, or $0.80 per diluted share, excluding certain pre-tax net expenses.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 2.5% year-over-year in Q4 2023.
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 is well-positioned to build on current momentum and accelerate unit growth to achieve longer-term development objectives, focusing on leveraging competitive strengths to drive profitable growth and shareholder value.
Positive Outlook
- Strong finish to the year with positive comparable sales growth.
- Margin expansion contributing to record annual revenue and solid earnings growth.
- Outperformance of the broader casual dining industry in comparable sales and traffic.
- Outstanding execution within restaurants, leading to improvements in labor productivity, food efficiency, wage management, and staff retention.
- Successful opening of nine new restaurants to strong consumer demand, including international locations.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The report does not contain explicit negative forward guidance.
- No negative outlook or challenges were highlighted for the upcoming period.
- The company's statements are generally optimistic about future growth.
- No specific risks or headwinds were mentioned in the forward-looking statements section regarding future performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income