Revenues Rise $25 Million at Cheesecake Factory in Q4
The Cheesecake Factory Incorporated reported financial results for the fourth quarter of fiscal 2014, which ended Dec. 30, 2014.
Total revenues were $499.7 million in the fourth quarter of fiscal 2014 as compared to $475.1 million in the prior year fourth quarter.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.4 percent in the fourth quarter of fiscal 2014.
“We continued to achieve a consistent level of sales at our existing Cheesecake Factory restaurants, with the fourth quarter completing our fifth consecutive year of delivering positive quarterly comparable sales. In addition, our newer restaurants continue to outperform our company average in sales per square foot, which speaks to the strength of our brand and multi-generational appeal,” says David Overton, chairman and CEO.
“Looking back on 2014, there were many high points during the year, including our first restaurant opening in Mexico, continued expansion in the Middle East and execution of a licensing agreement for growth in Asia, in addition to a strong slate of domestic openings," Overton says.
"However, the operating environment was challenging and the fourth quarter was another in which we were impacted by cost pressures. As we look forward to this year and beyond, we believe our future is bright with multiple opportunities for us to continue our leadership in casual dining and continue to grow our company with the best talent in the industry to successfully execute our strategy."
The company opened five new restaurants in the fourth quarter of fiscal 2014, delivering on its objective to open 10 company-owned restaurants during fiscal 2014.
Internationally, one new Cheesecake Factory restaurant opened in the Middle East in the fourth quarter of fiscal 2014, for a total of four new international locations opened during the year under licensing agreements.
In fiscal 2015, the company continues to expect to open as many as 11 company-owned restaurants domestically. In addition, the company also continues to expect as many as four restaurants to open in the Middle East and Mexico under licensing agreements.