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Cheesecake Factory earnings sink on slower traffic

CALABASAS HILLS Calif. The Cheesecake Factory Inc. reported a 34.8-percent decline in fourth-quarter earnings while slashing its plans for new restaurant openings in light of what company officials described Tuesday as a “challenging economy.”

In announcing financial results for the fiscal 2007 fourth quarter ending Jan. 1, David Overton, Cheesecake Factory's chairman and chief executive, said the company plans to open between seven and nine restaurants this

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