* Cheesecake Factory same-restaurant sales up 2.9 percent
* Forecasts 2013 earnings of $2.10-$2.18 per share
* Shares up more than 2 percent after hours
Oct 24 Cheesecake Factory Inc on
Wednesday reported higher quarterly profit after an increase in
customers, particularly in the mid-afternoon and late-night
hours, helped sales at its established namesake restaurants grow
more than expected.
The report from the company, known for its array of
cheesecakes and ample portions, defied the tepid U.S. economic
recovery that has had companies like McDonald's Corp and
Chipotle Mexican Grill Inc serving up disappointing
results or growth forecasts.
Shares in Cheesecake Factory rose 2.2 percent to $33.49 in
Third-quarter net income at Cheesecake Factory, increased to
$27.2 million, or 49 cents per share, from $20.6 million, or 36
cents per share, a year earlier.
Revenue increased 5.4 percent to $453.8 million, helped by a
1.5 percent increase in guest traffic.Ÿ
Sales at restaurants open at least 18 months were up 2.9
percent at the Cheesecake Factory and fell 2 percent at Grand
Lux Cafe, its smaller chain.
Analysts polled by Consensus Metrix expected a 2.3 percent
sales gain at Cheesecake Factory and a 0.8 percent fall at Grand
Calabasas Hills, California-based Cheesecake Factory
forecast 2013 earnings in the range of $2.10 to $2.18 per share
on same-restaurant sales growth of 1.5 to 2.5 percent. Analysts'
average estimate is for earnings of $2.16 per share, according
to Thomson Reuters I/B/E/S.
The company also said it planned to raise its prices next
year, but not enough to fully offset food price inflation.