California-based the Cheesecake Factory Inc. today [Friday] reported record financial results for the fiscal second quarter ended 2 July 2, 2002.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Highlights for the quarter, compared to the same quarter last year, were as follows:
- Total revenues up 25% to US$165.4m;
- Operating income before preopening costs up 35% to US$21.4m;
- Operating margin before preopening costs up 100 basis points to 13.0%;
- Net income up 30% to US$13.2m;
- Diluted net income per share up 24% to US$0.26
“We were very pleased with our strong financial results for the second quarter of fiscal 2002,” said David Overton, Chairman and CEO. “Our 1.6% increase in comparable restaurant sales during the quarter was in line with expectations and represented our 40th consecutive quarter (10 consecutive years) of positive same-store sales comparisons as a public company. This clearly demonstrates our long-standing popularity with consumers. Continuing lower costs for most of our food-related commodities, coupled with effective management of other controllable costs, also contributed to our favourable earnings performance for the quarter.”
Earlier this month, the company opened its third Grand Lux Cafe in downtown Chicago. The Chicago location contains approximately 20,000 productive square feet and 525 seats. “With three Grand Lux Cafe locations now open, we plan to continue fine-tuning the concept so that we can better evaluate its further expansion potential,” said Overton. “We are very encouraged by our results so far.”
The company currently plans to open as many as 12 new restaurants during fiscal 2002, of which five have opened as of this date, including Grand Lux Cafe in Chicago. Two additional Cheesecake Factory restaurants are currently planned for third quarter 2002 openings, and as many as five new Cheesecake Factory restaurants are currently planned for fourth quarter 2002 openings. “Last year, we successfully opened five high-volume restaurants within an eight-week period, so we have the ability to operationally execute our restaurant opening plan for the remainder of this year,” commented Overton.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
