Cheesecake Factory’s Profit Sweetens 20% in Quarter
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The Cheesecake Factory Inc. in Calabasas reported a 20% jump in its third-quarter profits, thanks to favorable weather and increased tourism, which helped its Southern California restaurants. The company said it also benefited from successful new restaurant openings.
Those benefits, however, were partly offset by higher product development costs and other expenses.
In the three months ending Oct. 1, Cheesecake Factory earned $2.39 million, while its revenue rose 32% to $29.4 million. A year earlier, it earned $2 million on $22.2 million in revenue.
For the nine-month period, the company reported net income of $6.57 million, up 27% from a $5.17-million profit a year before. Its nine-month revenue rose 35%, to $82.8 million from $61.4 million.
The Cheesecake Factory operates 13 restaurants in Southern California, Florida, Atlanta, Chicago, Houston and Washington, D.C.
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