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Cheesecake Factory's 3rd-Q profit drops 36%

CALABASAS HILLS Calif. The Cheesecake Factory Inc. became the latest casual-dining operator to cite increased costs and slowed sales for a double-digit decline in profit.

The operator of 157 restaurants reported Thursday a third quarter profit of $11.8 million, or 19 cents per share, down 36.4 percent from year-ago earnings of $18.5 million, or 26 cents per share.

Corporate revenue for the quarter ended Sept. 30 rose nearly 8 percent to $405.1 million.

Same-store sales fell 4.7 percent at the company’s namesake chain and fell 5.1 percent at its Grand Lux Cafe brand.

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