Cheesecake Factory Inc CAKE shares are trading flat at around $40.76 Thursday morning and off the session low of $37.98. The company reported worse-than-expected fourth-quarter financial results.
What Happened?
Cheesecake Factory reported quarterly earnings of 56 cents per share which missed the analyst consensus estimate of 57 cents. The company reported quarterly sales of $892.80 million, which missed the analyst consensus estimate of $900.94 million by 0.9%. This sales figure is, however, a 15% increase over sales of $776.69 million in the same period last year.
Cheesecake Factory says comparable restaurant sales at The Cheesecake Factory restaurants increased 4.0% year-over-year in the fourth quarter of fiscal 2022. Additionally, relative to fiscal 2019, the company says fourth quarter comparable restaurant sales at The Cheesecake Factory restaurants increased by 11.4%.
What Else?
"Our fourth quarter performance was a solid finish to a challenging year marked by persistent inflation, volatility and a dynamic operating environment," said David Overton, Chairman and Chief Executive Officer.
"Our best-in-class operators continued to do an excellent job of managing their restaurants, building sales and delivering delicious, memorable experiences for our valued guests."
Analyst Rating Updates
Additionally, CAKE received a number of analyst rating updates Thursday morning including:
- Wedbush analyst Nick Setyan maintained with a Neutral and raises the price target from $40 to $44.
- Credit Suisse analyst Lauren Silberman maintained with a Neutral and raises the price target from $37 to $42.
- Baird analyst David Tarantino maintained with a Neutral and raises the price target from $33 to $39.
According to data from Benzinga Pro, CAKE has a 52-week high of $43.29 and a 52-week low of $26.05.
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