Cheesecake Factory Is Helped by Cost Cutting
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Cheesecake Factory Inc. on Tuesday reported higher earnings, helped by moderating commodity prices and efforts to keep a lid on costs.
Net income for the first quarter ended March 29 rose 15% to $19 million, or 24 cents a share, from $16.6 million, or 22 cents, a year earlier. Wall Street analysts had expected the Calabasas Hills company to report earnings of 22 cents to 25 cents a share.
Total revenue rose 22% to $268.2 million despite severe weather across the country and near-record rainfall in California that kept people indoors. Same-store sales, a key indicator of performance, rose 3.4%.
Cheesecake Factory also said its goal was to open as many as 18 restaurants this year.
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