Cheesecake Factory's Sales Rise Nearly 2 Percent in 3Q
The Cheesecake Factory Incorporated reported financial results for the third quarter of fiscal 2016, which ended on September 27.
Total revenues were $560 million in the third quarter of fiscal 2016 as compared to $526.7 million in the third quarter of fiscal 2015.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.7 percent in the third quarter of fiscal 2016.
“We delivered our 27th consecutive quarter of positive comparable sales as we continue to create unique dining experiences for our guests, supporting consistent and predictable performance,” says David Overton, chairman and chief executive officer. “We meaningfully outpaced the casual dining industry during the third quarter, underscoring our differentiated positioning as we remain a destination of choice in a competitive landscape.”
Overton concludes, “Sales leverage and effective cost management drove solid year-over-year operating margin expansion and earnings growth. We are executing at a high level operationally, positioning us well for a strong finish to 2016 and as we look ahead to 2017.”
The company continues to expect to open as many as eight company-owned restaurants domestically in fiscal 2016. Subsequent to quarter-end, three restaurants opened in October and the company expects to open three additional restaurants during the remainder of the fourth quarter.
Internationally, the company now expects as many as four restaurants to open under licensing agreements in fiscal 2016, including The Cheesecake Factory at Dubai Festival City Mall that opened in August.