CALABASAS HILLS, Calif. — The Cheesecake Factory Inc.'s first-quarter profit edged up slightly as the number of customers in its restaurants hit the highest levels in more than a year.
The restaurant operator said Wednesday that it earned $20.7 million, or 37 cents per share, for the quarter that ended April 3. That's compared with $20.5 million, or 34 cents per share, earned in the prior year's period. Revenue rose to $435.8 million from $418.8 million.
The company said that its revenue from its restaurants open for at least a year increased 2.4 percent for the quarter. This is considered a key indicator of a retailer's financial performance as it strips away the impact of recently opened or closed stores. This measure increased 2.6 percent at The Cheesecake Factory restaurants and 0.3 percent at Grand Lux Cafe sites.
Cheesecake Factory Chairman and CEO David Overton said the company's focus on food and service, not on promotions, drew more customers during the period.
Analysts polled by FactSet expected the company would earn 36 cents per share on revenue of $439.9 million.
Cheesecake Factory Chairman and CEO David Overton said the company's focus on food and service, not on promotions, drew more customers during the period.
The company, based in Calabasas Hills, Calif., operates 157 restaurants across the country under its namesake brand, Grand Lux and RockSugar Pan Asian Kitchen brands.
Its shares rose 60 cents to close the day at $31.02, and shares fell 62 cents to $30.40 in after-hours trading.