Oct 23 Cheesecake Factory Inc on
Wednesday reported higher quarterly profit after sales at its
established namesake restaurants rose more than expected and the
company said it grabbed market share from rivals.
Shares of the chain, known for its ample portions and wide
array of cheesecakes, jumped 7.4 percent to $45.98 in
Expectations were low going into the quarter since other
full-service restaurants ranging from Brinker International
Inc's Chili's Grill & Bar and Darden Restaurants Inc's
Olive Garden have been hard hit by economic woes and
Cheesecake Factory's third-quarter net income rose slightly
to $27.5 million, or 50 cents per share, from $27.2 million, or
49 cents per share, a year earlier.
Excluding a pre-tax charge, the company earned 52 cents per
share in the latest quarter.
Sales at restaurants open at least 18 months rose 1 percent
at the Cheesecake Factory and fell 2.6 percent at Grand Lux
Cafe, its smaller chain.
Analysts polled by Consensus Metrix expected a 0.5 percent
rise in sales at Cheesecake Factory restaurants and a 0.1
percent decline for Grand Lux Cafe.