The Cheesecake Factory Inc. saw revenues increase over last year’s second quarter but experienced inflationary headwinds, the company said Wednesday.
The Calabasas Hills, Calif.-based casual-dining company released earnings for the second quarter, ended June 28, noting that same-store sales at Cheesecake Factory restaurants increased 4.7% over prior-year period.
“The inflationary environment remains dynamic and in the second quarter we faced measurably higher costs than anticipated,” said David Overton, Cheesecake Factory CEO and chairman, in a statement.
“Despite these near-term headwinds, we remain committed to returning margins to pre-pandemic levels while managing our business for the long-term,” he said, adding that staffing levels were at records in July.
For the second quarter ended June 28, the Cheesecake Factory’s net income was $25.7 million, or 50 cents a share, compared to $17.1 million, or 37 cents a share, in the same period last year. Revenues were $832.6 million, up from $769 million in the prior-year period.
“We were pleased with our second quarter topline results across our brands, as we continued to outperform the broader casual dining industry, underscoring the strength of our portfolio,” Overton said.
The company said it expects to open as many as 15 new restaurants in fiscal 2022, including as many as four Cheesecake Factory restaurants, four North Italia restaurants and as many as seven FRC restaurants, including three Flower Child locations.
Those FRC openings include the first brick-and-mortar location of Fly Bye, the division’s newest fast-casual dining concept. It offers Detroit-style pizza and chicken and opened in third quarter in Phoenix, Ariz.
The Cheesecake Factory owns and operates 309 restaurants throughout the United States and Canada. Internationally, 29 Cheesecake Factory restaurants operate under licensing agreements.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
