The Cheesecake Factory Provides Business Update

Rhea-AI Summary

The Cheesecake Factory (NASDAQ: CAKE) reported a significant recovery in fiscal 2021, with comparable sales up approximately 196% year-over-year and 7% compared to fiscal 2019. Average weekly sales reached around $226,500, translating to $11.8 million annualized per unit. Nearly all of its restaurants are currently open with indoor dining, operating at about 70% capacity. The company operates 299 locations across the U.S. and Canada and opened a new location in Atlanta last month.

Positive

• Comparable sales increased 196% year-over-year and 7% compared to 2019.
• Average weekly sales of $226,500, equating to $11.8 million annualized per unit.
• Most restaurants are open with indoor dining at approximately 70% capacity.
• Opened a new Flower Child location in Atlanta.

Negative

• One Cheesecake Factory location is operating off-premise only.
• Two locations are temporarily closed, though they plan to reopen next week.

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today provided a business update in advance of the Company’s participation at two upcoming investor conferences. Fiscal 2021 second quarter-to-date through May 31st comparable sales for The Cheesecake Factory restaurants increased approximately 196% year-over-year and 7% relative to the same period in fiscal 2019, supported by approximately one-third off-premise sales mix. Based on average weekly sales quarter-to-date of approximately $226,500, this equates to approximately $11.8 million on average, per unit on an annualized basis.

As of today, nearly all of the Company’s restaurants across its concepts, including 206 Cheesecake Factory locations, are operating with reopened indoor dining rooms with limited capacity in accordance with local mandates and social distancing protocols. On average, Cheesecake Factory restaurants with reopened dining rooms are operating at approximately 70% indoor capacity and approximately 75% total on-premise capacity including patios. One Cheesecake Factory location is operating an off-premise only model and two locations across the Company’s concepts are currently closed with plans to reopen next week. One new Flower Child location opened in Atlanta last month.

About The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 299 restaurants throughout the United States and Canada under brands including The Cheesecake Factory^®, North Italia^® and a collection within our Fox Restaurant Concepts business. Internationally, 28 The Cheesecake Factory^® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2021, we were named to the FORTUNE Magazine “100 Best Companies to Work For^®” list for the eighth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.

From FORTUNE. ©2021 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210602005329/en/

FAQ

What are the recent sales figures for The Cheesecake Factory (CAKE) in 2021?

The Cheesecake Factory reported a 196% increase in comparable sales year-over-year and a 7% increase compared to fiscal 2019.

How many restaurants does The Cheesecake Factory currently operate?

The Cheesecake Factory operates 299 restaurants throughout the U.S. and Canada.

What is the average weekly sales figure for The Cheesecake Factory (CAKE)?

The average weekly sales for The Cheesecake Factory amount to approximately $226,500.

Are The Cheesecake Factory locations operating at full capacity?

Currently, restaurants are operating at about 70% indoor capacity with some locations closed temporarily.

Did The Cheesecake Factory open any new locations recently?

Yes, a new Flower Child location opened in Atlanta last month.