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June 2, 2020, 4:51 p.m. EDT

Cheesecake Factory aims to reopen most of its restaurants by mid-June

Shares of Cheesecake Factory Inc. (NAS:CAKE) gained more than 5% in the extended session Tuesday after the restaurant chain said that its restaurants that have reopened have managed to ramp up sales close to previous levels, but recent protests have hurt sales. Cheesecake Factory said that about a quarter of its restaurants, including 34 eponymous Cheesecake Factory restaurants, have reopened dining rooms with limited capacity in accordance with local health orders. Non-essential businesses across the U.S. shuttered starting in mid-March in most localities to slow the spread of the novel coronavirus. Those "have recaptured, on average, approximately 75% of prior year sales levels, reflecting continued strength in off-premise sales and building dine-in business," the company said. Same-store sales for the fiscal second quarter through May 31 are down about 63%, which includes the impact of 87 full or partial closures due to demonstrations across the U.S. over the weekend, the company said. Cheesecake Factory said it expects to have about 65% of its dining rooms reopened with limited capacity by mid-June, including some 124 Cheesecake Factory restaurants. The stock ended the regular trading day up 0.8%.

Link to MarketWatch's Slice.