Net income was up a modest 1.3 percent for The Cheesecake Factory Inc. during the first quarter, but guest traffic at its casual-dining restaurants was up 1.9 percent for the quarter — the best it has seen in a year, the company said Wednesday.
For the quarter ended April 3, Calabasas Hills, Calif.-based Cheesecake Factory reported net income of $20.7 million, or 37 cents per share, compared with $20.5 million, or 34 cents per share, a year ago.
Revenue was up 4 percent to $435.8 million for the quarter, reflecting a same-store sales increase of 2.4 percent for both the namesake Cheesecake Factory brand and Grand Lux Café.
By concept, same-store sales were up 2.6 percent for The Cheesecake Factory and up 0.3 percent at Grand Lux.
David Overton, The Cheesecake Factory Inc.’s chair and chief executive, said in a statement, “We had the best guest traffic levels in more than a year during the first quarter, as our culinary expertise and high service levels continue to attract guests.”
Overton said the company’s strategy was “experienced-based, not offer driven, with a focus on menu innovation and relevance to deliver full-margin sales.”
The company ended the quarter with 171 restaurants, including 157 Cheesecake Factory locations, 13 Grand Lux Cafes and one RockSugar Pan Asian Kitchen.
EARLIER: The Cheesecake Factory net income jumps 36% in 4Q
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