Financial Data and Key Metrics Changes - The company reported fourth quarter revenues of $877 million, with comparable sales at Cheesecake Factory restaurants up 2.5% year-over-year and 14% compared to 2019, outperforming the casual dining industry [7][10] - Adjusted net income margin for the fourth quarter was 4.5%, exceeding the guidance of 4.25% [10] - Total revenues for the fiscal year reached $3.44 billion, a 6.7% increase over 2022 after excluding the impact of an additional week in fiscal 2022 [10][11] - Fourth quarter GAAP diluted net income per share was $0.26, while adjusted diluted net income per share was $0.80 [14] Business Line Data and Key Metrics Changes - Total sales at Cheesecake Factory restaurants were $658 million, with comparable sales increasing 2.5% year-over-year and 14% compared to 2019 [11] - North Italia reported total sales of $67.2 million, with fourth quarter comparable sales increasing 7% from the prior year and 34% versus 2019 [12] - Other FRC sales totaled $70.9 million, while Flower Child sales were $30.4 million [12] Market Data and Key Metrics Changes - Off-premise sales accounted for 22% of total sales in the fourth quarter, consistent with the full year percentage [12] - The company experienced stability in on-premise incident rates, remaining above 2019 levels [11] Company Strategy and Development Direction - The company plans to open as many as 22 new restaurants in 2024, including 3 to 4 Cheesecake Factory locations and 6 to 7 each of North Italia, Flower Child, and FRC restaurants [9][19] - The focus remains on leveraging competitive strengths, differentiated brands, and best-in-class operators to drive shareholder value and market share gains [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's health, citing stabilizing top-line trends, improving profit margins, and normalizing input costs [20] - For Q1 2024, total revenues are anticipated to be between $875 million and $895 million, assuming no material operating or consumer disruptions [16] - The company expects full year revenues for fiscal 2024 to be approximately $3.6 billion, with a net income margin of about 4.25% [19] Other Important Information - The company ended the quarter with total available liquidity of approximately $293 million, including a cash balance of about $56 million [14] - The Cheesecake rewards program is seeing early demand exceeding internal expectations, with a focus on member engagement and acquisition tactics [15] Q&A Session Summary Question: Can you comment on the updated annual guidance compared to last quarter? - Management indicated that nothing has changed fundamentally, and the guidance reflects a prudent approach considering recent weather trends [22][23] Question: Can you elaborate on labor productivity and potential improvements for 2024? - Management noted improvements in labor productivity due to better retention and stability in the labor environment, which is expected to continue into 2024 [25][26] Question: How is the Cheesecake Factory business performing in terms of check and traffic components? - Traffic was flat in Q4, representing a 1% improvement over Q3, with pricing coming down as the company exited one-time pricing from the previous year [30] Question: What are the expectations for restaurant margins in 2024? - Management expects to expand restaurant level margins by 50 to 75 basis points in 2024, driven by productivity and efficiency gains [39] Question: How is the company addressing the impact of the California FAST Act legislation? - Management stated that the impact is still uncertain, but they believe they have sufficient pricing power to defend margins in California [44][45] Question: Can you provide insights on the unit growth plan for 2024? - The company plans to open 22 new restaurants, with some relocations factored into the growth plan [58][59]

For the quarter ended December 2023, Cheesecake Factory (CAKE) reported revenue of $877.01 million, down 1.8% over the same period last year. EPS came in at $0.80, compared to $0.56 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $877.31 million, representing a surprise of -0.03%. The company delivered an EPS surprise of +8.11%, with the consensus EPS estimate being $0.74.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Cheesecake Factory (CAKE) came out with quarterly earnings of $0.80 per share, beating the Zacks Consensus Estimate of $0.74 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.11%. A quarter ago, it was expected that this restaurant chain would post earnings of $0.42 per share when it actually produced earnings of $0.39, delivering a surprise of -7.14%.Over the last four quarters, t ...

Core Insights - The Cheesecake Factory reported total revenues of $877.0 million for Q4 fiscal 2023, a decrease from $892.8 million in Q4 fiscal 2022, but a 7.7% increase when adjusted for the additional week in the prior year [1][2] - The company achieved a net income of $12.7 million, translating to a diluted net income per share of $0.26 for the fourth quarter [1][2] - Comparable restaurant sales increased by 2.5% year-over-year and 14.0% compared to Q4 fiscal 2019 [2][3] Financial Performance - Total revenues for the fiscal year reached $3.44 billion, up from $3.30 billion in the previous year [1][11] - Adjusted net income for Q4 fiscal 2023 was $39.0 million, with an adjusted net income per share of $0.80 [2][15] - The company recorded a pre-tax net expense of $35.6 million related to asset impairment and lease termination [2][15] Operational Highlights - The Cheesecake Factory opened nine new restaurants in Q4, including three under the North Italia and Fox Restaurant Concepts brands, and two internationally in Thailand and China [3][4] - The company demonstrated strong operational execution, improving labor productivity and food efficiency, which contributed to profitability [3][4] - The company had total available liquidity of $292.8 million as of January 2, 2024, with a cash balance of $56.3 million [5][14] Market Position - The Cheesecake Factory's comparable sales growth outperformed the broader casual dining industry, indicating strong brand resilience [3][4] - The company plans to leverage its competitive strengths to drive profitable growth and shareholder value [3][4] - The Cheesecake Factory was recognized in the FORTUNE Magazine "100 Best Companies to Work For" list for the tenth consecutive year [7]

The Cheesecake Factory Incorporated (CAKE) is scheduled to report fourth-quarter fiscal 2023 results on Feb 21, after market close. In the previous quarter, the company’s earnings and revenues missed the Zacks Consensus Estimate by 7.1% and 1.4%, respectively. However, the metrics improved on a year-over-year basis.How are Estimates Placed?For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has remained unchanged at 74 cents in the past 60 days. The estimated figure indicates ...

Exhibit 99.1 PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Etienne Marcus (818) 871-3000 investorrelations@thecheesecakefactory.com THE CHEESECAKE FACTORY REPORTS RESULTS FOR FOURTH QUARTER OF FISCAL 2023 CALABASAS HILLS, Calif. – February 21, 2024 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2023, which ended on January 2, 2024. Total revenues were $877.0 million in the fourth quarter of fiscal 2023 compared to $892.8 million in the f ...

Key PointsThe food service industry reached a staggering $997 billion in sales in 2023. As of January 2024, it provided over 12 million jobs in the United States. The restaurant industry is constantly evolving, with social media-driven trends and fickle consumer demands often shaping how we eat out.5 stocks we like better than AKSinking your teeth into a juicy burger from your favorite fast-food chain is comfort food at its finest. But as an investor, capitalizing on a flourishing restaurant empire may prov ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Cheesecake Factory (CAKE) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Febr ...

CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced it will release fourth quarter fiscal 2023 financial results after market close on Wednesday, February 21, 2024. The Company will hold a conference call to discuss its results on the same day beginning at 2:00 p.m. Pacific Time. The conference call will be webcast and can be accessed on the Company’s website, investors.thecheesecakefactory.com. A replay of the webcast will be available on the Company ...

SOPA Images/LightRocket via Getty ImagesThesis Summary Today's research article covers The Cheesecake Factory (NASDAQ:CAKE), in the consumer discretionary / restaurant sector, to which I gave a buy rating. My portfolio strategy with this stock is (stable dividend income generation and growth, capital gains). A few points supporting my rating include YoY revenue growth and expected continued growth of new restaurants, a return to profitability after a net loss a year ago, a return to dividend growth afte ...