Cheesecake Factory Beats Expectations
April 23, 2009 by Stephen Kersey
Filed under Business
The Cheesecake Factor surprised industry experts with their first quarter report, which has resulted in its shares rising more than 15% in after-hours trading. Currently, their shares are creeping up to $17.50 after finishing the day at under $15.
The Cheesecake Factory (Image: Flickr)
Many industry experts expected the Cheesecake Factory to post a revenue close to $380 million after posting revenue of $393.8 in the first quarter of 2008. However, the company’s first quarter posting showed a revenue of $392.8 — a drop of only $1 million.
In a press release, CEO Davied Overton said: “A significant upturn in comparable restaurant sales as compared to the fourth quarter was the principal driver of our better than expected earnings per share in the first quarter.”
The Cheesecake Factory was founded in Beverly Hills in 1978. It’s currently headquartered in Calabasas Hills in California. The company has more than 140 restaurants in 34 states.
