CALABASAS HILLS, Calif. – The Cheesecake Factory (NASDAQ:) Incorporated (NASDAQ:CAKE) reported third-quarter earnings that exceeded analyst expectations, sending shares up 5% in after-hours trading.
The restaurant chain posted adjusted earnings per share of $0.58, surpassing the consensus estimate of $0.48. Revenue came in at $865.47 million, slightly below analyst projections of $866.13 million but up 4.2% YoY.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.6% compared to the same quarter last year, marking the fourth consecutive quarter of YoY top- and bottom-line growth.
“We are capturing market share as evidenced by the continued strong outperformance in comparable sales and traffic at The Cheesecake Factory restaurants versus the broader casual dining industry,” said David Overton, Chairman and CEO.
The company opened four new restaurants during the quarter and three additional locations after quarter-end, bringing the total to 17 new openings year-to-date. Management reiterated plans to open up to 22 new restaurants in fiscal 2024.
Cheesecake Factory repurchased approximately 29,450 shares at a cost of $1.1 million in Q3. The board declared a quarterly dividend of $0.27 per share, payable on November 26.
Looking ahead, Overton said the company remains focused on “operational excellence, growing profitably and creating long-term, sustainable value into 2025 and beyond.”
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