The Cheesecake Factory Inc. said Wednesday that bad winter weather and the Easter holiday shift dampened its first-quarter results. Net income for the April 1-ended quarter fell 11 percent, in part due to costs associated with a pending settlement of a legal claim and a pre-tax charge related to the relocation of one restaurant. Bad winter weather and the Easter shift had an estimated 2-percent impact on same-store sales for the quarter, but the company saw strong gift card sales during the holidays and growth in card usage.

The Calabasas Hills, Calif.-based company ended the quarter with 181 restaurants, including 169 under The Cheesecake Factory name, 11 Grand Lux Cafes, and one RockSugar Pan Asian Kitchen.
 

1Q NET INCOME

Result: $22.5 million, or 43 cents per share
% Decrease: 11% (from $25.3 million, or 47 cents per share)

1Q REVENUE

Result: $481.4 million
% Increase: 4% (from $463 million)

1Q SAME-STORE SALES

% Increase systemwide: 0.9%


% Increase at The Cheesecake Factory: 1.2%


% Decrease at Grand Lux Cafe: 2.9%


Source: Company report



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