(Refiles to insert dropped word "between" in paragraph 9
regarding forecast of 2013 earnings per share)
By By Lisa Baertlein
LOS ANGELES, July 24 Cheesecake Factory Inc
on Wednesday reported second-quarter profit that missed
Wall Street's expectations because of softer-than-expected sales
at established restaurants, and its shares fell almost 6
The California-based chain, known for its cheesecakes, said
second-quarter net income was $28.6 million, or 52 cents per
share, compared with $28.4 million, or 52 cents per share, a
Some of the biggest U.S. restaurant chains have been
struggling with lackluster demand because of the tepid U.S.
economic recovery. For example, McDonald's Corp, the
world's biggest restaurant chain by sales, on Monday reported
lower-than-expected profit for the quarter and forecast weakness
for the rest of the year.
Excluding relocation charges, Cheesecake Factory earned 54
cents per share in the latest quarter, 3 cents short of
analysts' average estimate, as compiled by Thomson Reuters
Revenue rose more than 3 percent to $470.1 million in the
second quarter, bolstered by an overall gain in same-restaurant
sales of 0.8 percent.
Sales at restaurants open at least 18 months rose 0.9
percent at the Cheesecake Factory and crept up 0.1 percent at
Grand Lux Cafe, its smaller chain.
Analysts polled by Consensus Metrix had expected a 1.8
percent sales gain at Cheesecake Factory and a 0.7 percent rise
at Grand Lux Cafe.
The company forecast third-quarter earnings per share of
between 51 cents and 53 cents, on same-restaurant sales that are
expected to be flat to up 1 percent.
The company now expects 2013 earnings of between $2.10 and
$2.15 per share. That assumes same-restaurant sales growth of
between 1 percent and 1.5 percent.
Cheesecake Factory shares fell 5.7 percent, or $2.40, to
$39.50 in after-market trading.
(Editing by Matthew Lewis and Jan Paschal)