Cheesecake Factory: 2Q Earnings Snapshot
CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Tuesday reported second-quarter earnings of $28.4 million.
On a per-share basis, the Calabasas Hills, California-based company said it had profit of 61 cents. Earnings, adjusted for asset impairment costs, came to 65 cents per share.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The restaurant chain posted revenue of $593.2 million in the period, which beat Street forecasts. Seven analysts surveyed by Zacks expected $589.9 million.
Cheesecake Factory shares have increased 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $56.03, an increase of 18 percent in the last 12 months.