Cheesecake Factory profit beats Street
LOS ANGELES (Reuters) - Cheesecake Factory Inc's (CAKE.O) quarterly profit beat Wall Street's view, as cost controls and lower food prices helped shelter earnings from falling sales at established restaurants, sending shares up 2.7 percent.
The restaurant company, known for its big portions and extensive menus, said on Thursday third-quarter net income was $16.3 million, or 27 cents per share, up from $11.8 million , or 19 cents per share, a year earlier.
Excluding charges, the company had a profit of 29 cents per share in the most recent quarter, beating analysts' average estimate by 5 cents, according to Thomson Reuters I/B/E/S.
Total revenue fell 1.1 percent to $400.6 million. Overall sales at restaurants open at least 18 months fell 2.8 percent, on a 2.4 percent drop at Cheesecake Factory restaurants and a 6 percent drop at the smaller Grand Lux chain.
Shares of Cheesecake Factory rose to $18.63 in extended trading after closing at $18.14 on the Nasdaq.
(Reporting by Lisa Baertlein; Editing by Phil Berlowitz)
