The Cheesecake Factory Inc. faulted Hurricane Irene for third-quarter losses, saying the storm took a significant toll on its restaurants over the summer, according to the company’s third-quarter earnings report.
Net income declined 6.3 percent for the quarter ended Sept. 27 to $20.6 million, or 36 cents per share, compared with $22 million, or 37 cents per share, for the same period a year ago. According to Thomson Reuters, analysts expected earnings of 38 cents per share.
Revenue for the quarter totaled $430.4 million, a 2.9-percent increase compared with $418.4 million in the year-ago period.
Blended same-store sales for the company’s namesake brand and sister chain Grand Lux Café rose 0.8 percent.
The company blamed Hurricane Irene, a massive storm that hit the East Coast in August, for a 0.4 percent impact on sales. Excluding the weather, same-store sales would have been up 1.2 percent, the company said.
EARLIER: Hurricane Irene gone, effects remain
Separated by brand, The Cheesecake Factory’s same-store sales increased 0.8 percent, while Grand Lux Café sales were up 0.9 percent.
