Californian casual dining chain The Cheesecake Factory Inc. has reported its financial results for the fiscal Q1 ended 2 April 2002.
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Q1 highlights year on year, were as follows:
- Total revenues up 25% to US$150.2m
- Operating income before pre-opening costs up 40% to US$17.7m
- Net income up 26% to US$10.6m
- Diluted net income per share up 24% to US$0.21
- Average weekly sales per restaurant up 2.8% to US$203,300
- Comparable restaurant sales up 2.1%
“We were very pleased with our strong results for the Q1 of fiscal 2002,” said David Overton, chairman and CEO. “Our 2.1% increase in comparable restaurant sales represented our 39th consecutive quarter of positive comparisons on that measure. Lower costs for most of our food-related commodities, coupled with effective management of other controllable costs in our business, also contributed to our favourable performance for the quarter.”
The company currently plans to open as many as 12 new restaurants during fiscal 2002, of which three were opened during Q1 (Bellevue, WA; San Antonio, TX; and Boston, MA). “We continue to be impressed with the strong initial sales volumes for all three new restaurants,” commented Overton.
The company has signed leases for future restaurant locations in Edina, MN; Chicago, IL (Grand Lux Cafe); Ft. Lauderdale, FL; Las Vegas, NV; Santa Clara, CA; Orlando, FL; St. Louis, MO; Charlotte, NC; Edison, NJ; and Austin, TX.
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