The Cheesecake Factory(US:CAKE) Businesswireยท2024-02-21 21:15Core 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]