Cheesecake Factory (CAKE) reported $891.22 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 2.9%. EPS of $0.73 for the same period compares to $0.61 a year ago.The reported revenue represents a surprise of +0.33% over the Zacks Consensus Estimate of $888.27 million. With the consensus EPS estimate being $0.63, the EPS surprise was +15.87%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...

Cheesecake Factory (CAKE) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.87%. A quarter ago, it was expected that this restaurant chain would post earnings of $0.74 per share when it actually produced earnings of $0.80, delivering a surprise of 8.11%.Over the last four quarters, t ...

Revenue and Sales Performance - Revenues increased by 2.9% to $891.2 million for the fiscal quarter ended April 2, 2024, compared to $866.1 million for the same period in the prior year, primarily due to new restaurant openings[97] - The Cheesecake Factory sales rose by 1.8% to $667.8 million in the first quarter of fiscal 2024, while average sales per restaurant operating week decreased by 0.7% to $237,903[98] - Comparable sales for The Cheesecake Factory decreased by 0.6%, or $3.9 million, driven by a 1.5% decline in customer traffic, partially offset by a 0.9% increase in average check[98] - Sales through the off-premise channel accounted for approximately 22% of restaurant sales in the first quarter of fiscal 2024, down from 23% in the prior year[98] - North Italia sales increased 12.0% to $70.9 million for Q1 fiscal 2024, compared to $63.3 million in Q1 fiscal 2023[99] - Flower Child sales rose 10.2% to $34.5 million for Q1 fiscal 2024, up from $31.3 million in Q1 fiscal 2023[101] - Other FRC sales increased 8.2% to $74.2 million for Q1 fiscal 2024, compared to $68.6 million in Q1 fiscal 2023[102] - Total revenue for fiscal 2024 is anticipated to be approximately $3.6 billion[115] Cost Management and Financial Metrics - The Cheesecake Factory's food and beverage costs decreased to 22.8% of revenues in the fiscal quarter ended April 2, 2024, down from 23.8% in the prior year[96] - Total costs and expenses were 95.6% of revenues for the fiscal quarter ended April 2, 2024, compared to 96.1% for the same period in the prior year[96] - The company is focused on managing expenses prudently at restaurants, bakery facilities, and corporate support centers to leverage purchasing power[85] - The effective income tax rate decreased to 11.6% in Q1 fiscal 2024 from 12.5% in Q1 fiscal 2023[110] - The company expects a net income margin of approximately 4.25% for fiscal 2024[115] Capital Expenditures and Growth Plans - The company plans to continue expanding The Cheesecake Factory and North Italia concepts, focusing on premier locations in both new and existing markets[85] - The company aims for a targeted annual unit growth of 7% across concepts, combined with margin expansion to support a long-term financial objective of 13% to 14% total return to shareholders[93] - The company plans to open up to 22 new restaurants in fiscal 2024, with capital expenditures estimated between $180 million to $200 million[116] - Capital expenditures for new restaurants were $25.0 million in Q1 fiscal 2024, compared to $24.3 million in Q1 fiscal 2023[121] Shareholder Returns and Stock Activity - Common stock dividends paid were $12.8 million in Q1 fiscal 2024, compared to $13.2 million in Q1 fiscal 2023[125] - The company has repurchased 56.9 million shares at a total cost of $1,824.2 million, with 0.4 million shares repurchased for $12.5 million in Q1 fiscal 2024[127] - The company has cumulative share repurchase authorization of up to 61.0 million shares, with no expiration date[128] Liquidity and Financial Stability - Cash provided by operating activities increased by $1.7 million in Q1 fiscal 2024, totaling $66.7 million[120] - The company believes its cash and cash equivalents, along with expected cash flows and available borrowings, will provide adequate liquidity for the next 12 months[129] - The company entered into a Fourth Amended and Restated Loan Agreement providing a $400 million Revolver Facility, with $236.5 million net availability for borrowings as of April 2, 2024[123] - The Revolver Facility includes financial covenants that limit equity distributions and restrict certain financial activities[124] Risk Management - A hypothetical 1% increase in food costs would have negatively impacted cost of sales by $2.0 million in Q1 fiscal 2024[136] - A hypothetical 1% rise in interest rates would increase annual interest expense by $1.3 million based on borrowings as of April 2, 2024[137] - The company has not experienced changes in internal control over financial reporting that materially affect its financial reporting[139] - The company has no hedging contracts in place as of April 2, 2024, to manage commodity price risks[135]

Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Etienne Marcus (818) 871-3000 investorrelations@thecheesecakefactory.com THE CHEESECAKE FACTORY REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 2024 CALABASAS HILLS, Calif. – May 8, 2024 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2024, which ended on April 2, 2024. Total revenues were $891.2 million in the first quarter of fiscal 2024 compared to $866.1 million in the first quarter of fiscal 20 ...

In its upcoming report, Cheesecake Factory (CAKE) is predicted by Wall Street analysts to post quarterly earnings of $0.63 per share, reflecting an increase of 3.3% compared to the same period last year. Revenues are forecasted to be $888.27 million, representing a year-over-year increase of 2.6%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projectio ...

Cheesecake Factory (CAKE) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May ...

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