Same-store sales increased 2.2 percent at The Cheesecake Factory Inc. for the third quarter ended Sept. 29, the company said Monday.
Revenue increased 5.5 percent, to $526.7 million, for the quarter, compared with $499.1 million a year ago.
Net income increased 8 percent, to $26.2 million, or 52 cents per share, compared with $24.2 million, or 48 cents per share, in the third quarter last year.
The casual-dining operator recorded a pre-tax, non-cash charge of $6 related to the impairment of the one-off RockSugar Pan Asian Kitchen during the quarter. Excluding that charge, net income was $29.8 million, or 59 cents per share.
“The consistency of our results continues to be evident as we delivered our 23rd consecutive quarter of positive comparable sales,” David Overton, The Cheesecake Factory Inc. chairman and CEO, said in a statement. “We successfully lapped our most difficult sales comparison of the year and continued to exceed the performance of the casual dining industry overall during this past quarter.”
Overton said favorable costs helped offset wage inflation. The company will remain focused on what Overton calls the long-term drivers of the business: Innovation, hospitality and operational excellence.
The Cheesecake Factory is on track to open 11 company-owned restaurants this fiscal year, including five units during the fourth quarter. Internationally, three restaurants will open in the Middle East and Mexico under licensing agreements.
The Calabasas Hills, Calif.-based company operates 195 restaurants in the U.S. and Puerto Rico, including 182 under The Cheesecake Factory brand; 12 under Grand Lux Café; and one RockSugar Pan Asian Kitchen.