Cheesecake profit hurt by weather
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Cheesecake Factory Inc. posted lower quarterly results as bad weather worsened a decline in sales at established restaurants.
The Calabasas Hills-based company had first-quarter net income of $14.3 million, or 21 cents a share, matching the average of analysts’ estimates compiled by Reuters Estimates. Year-earlier net income was $18.4 million, or 24 cents.
Revenue increased 10% to $393.8 million. Sales at restaurants open at least 18 months fell 1.8% in the quarter, as inclement weather lowered results by about $1.6 million.
Cheesecake Factory shares rose 13 cents to $21.70 in extended trading after closing down 9 cents at $21.57 before the earnings news.
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