Cheesecake Factory reports Q4 EPS 80c, consensus 73c

Reports Q4 revenue $877.0M, consensus $878.4M. Comparable restaurant sales at The Cheesecake Factory restaurants increased 2.5% year-over-year in the fourth quarter of fiscal 2023 and increased 14.0% relative to the fourth quarter of fiscal 2019, on an operating week basis. “Our fourth quarter results marked a strong finish to the year, with positive comparable sales growth and margin expansion contributing to record annual revenue and solid earnings growth for the year,” said David Overton, CEO. “Comparable sales and traffic at The Cheesecake Factory restaurants outperformed the broader casual dining industry in the fourth quarter, demonstrating the strength and resilience of our namesake brand and our ability to capture market share. Execution within our restaurants was outstanding with our operators delivering improvements in labor productivity, food efficiency, wage management, and hourly staff and manager retention, driving solid flow-through to support profitability.”