Cheesecake Factory's Quarterly Comps Outpace Industry, Says CEO
The Cheesecake Factory announced its quarterly results today, with revenue coming in at $469.7 million, up from last year's Q3 sales of $453.8 million.
The restaurant chain managed to retain $27.4 million in net income, 1.1% better than the same quarter last year, despite taking a $1.1 million pre-tax charge. Income from operations took a hit, however, from $39.3 million to $38.6 million.
Of the nine new restaurants The Cheesecake Factory plans to open in fiscal 2013, four have been created, with two having been opened this quarter. In addition, the company's comparable restaurant sales grew 1% this quarter. According to CEO David Overton, "Our performance outpaced the industry by one of its widest margins during this time frame, which is noteworthy in the context of soft industry trends and a highly promotional environment."
The Cheesecake Factory is also no stranger to giving back to its shareholders. The company has repurchased $135.5 million (or 3.4 million shares) worth of stock since the start of 2013, and investors will also receive a $0.14-per-share dividend on Nov. 19.
The article Cheesecake Factory's Quarterly Comps Outpace Industry, Says CEO originally appeared on Fool.com.
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