Cheesecake Factory Earnings Increase 18%
Casual dining chain Cheesecake Factory Inc. on Wednesday reported an 18% rise in fourth-quarter profit, helped by new restaurant openings.
The Calabasas Hills-based company reported net income of $15.6 million, or 30 cents a share, compared with $13.2 million, or 26 cents, in the year-earlier quarter.
On that basis, the average Wall Street estimate for the quarter ended Dec. 30 was 30 cents, according to Reuters Research.
Net sales rose 23% to $214.5 million from $174.4 million a year earlier.
Sales in its restaurants open for more than one year -- a key measure of performance known as same-store sales -- rose 5% in the first five weeks of fiscal 2004.
The company also said it planned to open as many as 16 new restaurants during the year.
Shares of Cheesecake Factory closed up 77 cents at $44.17 on Nasdaq.
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