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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