EARNINGS ROUNDUP
Times Wire Reports
Shares of Cheesecake Factory Inc. rose 11% in late trading after first-quarter earnings and sales fell less than analysts had estimated.
Cheesecake Factory shares rose $1.88 to $16.80 in after-hours trading after closing down 11 cents at $14.92.
Net income dropped 30% to $10 million, or 17 cents a share, the Calabasas Hills-based company said. Sales were little changed at $392.8 million. Sales in restaurants open at least a year fell 3.4%, including a 3.2% drop for the Cheesecake Factory division and a 5% decline at Grand Lux Cafe locations.
