What's Happening With Cheesecake Factory Shares Today?

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.