Cheesecake’s net plummets 19%
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Casual-dining chain Cheesecake Factory Inc. said its second-quarter profit dropped 19%, hurt by a steep climb in expenses, a drop in interest income and declining same-store sales.
Net income slipped to $19.1 million, or 29 cents a share, from $23.7 million, or 33 cents, a year earlier. Sales jumped 9% to $407.1 million.
The revenue increase came mainly from new stores. Same-store sales, or sales at locations open at least a year, dropped 4.1% in the quarter, the Calabasas Hills company said.
Shares fell $1.11 to $15.08 after the earnings news.
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