The Cheesecake Factory Inc. reported Wednesday a 5-percent increase in net income for the second quarter ended July 1, and positive same-store sales for the 18th consecutive quarter, despite continued declines for Grand Lux Cafe.
This year, The Cheesecake Factory expects to open 10 new corporate restaurants in the U.S. The company opened one new restaurant during the quarter and relocated another.
Last week, the first Cheesecake Factory restaurant opened in Mexico under a licensing agreement. This year, the company expects to open three to four units in the Middle East and Mexico.
Calabasas Hills, Calif.-based The Cheesecake Factory Inc. operates 182 casual-dining restaurants under The Cheesecake Factory brand, as well as sister brand Grand Lux Café, and single-unit RockSugar Pan Asian Kitchen. The company licenses five Cheesecake Factory units internationally.
2Q NET INCOME
Result: $30 million, or 59 cents per share% Increase: 5% (from $28.5 million, or 52 cents per share)
2Q REVENUE
Result: $496.4 million% Increase: 5.6% (from $470.1 million)
2Q SAME-STORE SALES
% Increase systemwide: 1.2%
% Increase at The Cheesecake Factory: 1.5%
% Decrease at Grand Lux Cafe: 2.7%
Source: Company report
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