Cheesecake Factory Inc., the Calabasas-based restaurant chain, said its first-quarter profit increased 45% as revenue rose 36%, but the earnings were slightly lower than analysts' expectations.
In the quarter ended March 31, the company posted earnings of $1.3 million, up from $897,000 a year earlier. Revenue rose to $18.7 million from $13.8 million. However, the earnings were slightly lower than expectations on Wall Street, which further depreciated the company's stock.
Cheesecake Factory operates eight restaurants in California, Washington, D.C., and Atlanta. It has three restaurants under construction in Bethesda, Md., Miami and Chicago, and completed a lease for one in Boca Raton, Fla. The company said it is also completing lease negotiations for additional restaurants in Houston and Las Vegas and signed a letter of intent to open a restaurant in Boston.