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July 27, 2021, 4:43 p.m. EDT

The Cheesecake Factory beats Q2 expectations

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By Robert Barba

The Cheesecake Factory Inc.’s results for the second quarter beat expectations and the company said that its comparable sales in the latest quarter at its namesake restaurant chain outpaced pre-Covid-19 pandemic trends.

The restaurant company /zigman2/quotes/207909209/composite CAKE -0.07% reported net income before dividends for preferred shares for the second quarter of $33.7 million, compared with a loss of $56.5 million a year earlier. On a per share basis, earnings were 37 cents, compared with a loss of $1.61 a year earlier.

After adjustments, including one for an $11.4 million non-cash acquisition-related charge, earnings were 80 cents a share. Analysts polled by FactSet expected adjusted earnings of 74 cents a share.

Revenue was $769 million,compared with $295.9 million a year earlier. Analysts expected sales of $627 million in the quarter.

Comparable sales, which The Cheesecake Factory defines as restaurants in at least their 19th month of operation, at its eponymous brand increased 7.8% compared with the second quarter of 2019.

Write to Robert Barba at robert.barba@wsj.com

/zigman2/quotes/207909209/composite
US : U.S.: Nasdaq
$ 45.01
-0.03 -0.07%
Volume: 1.37M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.35 billion
Rev. per Employee
$46,664
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