Cheesecake earnings drop 5%
From the Associated Press
Casual dining chain Cheesecake Factory Inc. said its first-quarter profit fell nearly 5% on higher costs but still met analyst expectations.
Net income dropped to $18.4 million, or 24 cents a share, from $19.3 million, or 24 cents, a year earlier, the Calabasas Hills company said. Revenue rose 16% to $356.6 million.
Analysts polled by Thomson Financial projected income of 24 cents a share on revenue of $359.7 million.
The company said sales at stores open at least a year, a key measure of retail health, rose 0.4%.
Shares rose 60 cents to $26.63 in after-hours trading. Earlier, the shares fell 10 cents to $26.03.
