The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2024
The Cheesecake Factory reported Q3 2024 financial results with total revenues of $865.5 million, up from $830.2 million in Q3 2023. Net income was $30.0 million with diluted EPS of $0.61. Comparable restaurant sales increased 1.6% year-over-year. The company opened four new restaurants during Q3 and three additional locations after quarter-end, totaling 17 new openings year-to-date. Available liquidity stood at $288.7 million, including $52.2 million in cash. The company declared a quarterly dividend of $0.27 per share.
The Cheesecake Factory ha riportato i risultati finanziari del Q3 2024 con ricavi totali di 865,5 milioni di dollari, in aumento rispetto a 830,2 milioni di dollari nel Q3 2023. L'utile netto è stato di 30,0 milioni di dollari con un utile per azione diluito di 0,61 dollari. Le vendite nei ristoranti comparabili sono aumentate del 1,6% rispetto all'anno precedente. L'azienda ha aperto quattro nuovi ristoranti durante il Q3 e tre ulteriori sedi dopo la fine del trimestre, per un totale di 17 nuove aperture da inizio anno. La liquidità disponibile si attestava a 288,7 milioni di dollari, inclusi 52,2 milioni di dollari in contante. L'azienda ha dichiarato un dividendo trimestrale di 0,27 dollari per azione.
The Cheesecake Factory informó los resultados financieros del Q3 2024 con ingresos totales de 865,5 millones de dólares, un aumento de 830,2 millones de dólares en el Q3 2023. La ganancia neta fue de 30,0 millones de dólares con un EPS diluido de 0,61 dólares. Las ventas en restaurantes comparables aumentaron 1,6% interanualmente. La compañía abrió cuatro nuevos restaurantes durante el Q3 y tres ubicaciones adicionales después del cierre del trimestre, totalizando 17 nuevas aperturas en lo que va del año. La liquidez disponible se situó en 288,7 millones de dólares, incluyendo 52,2 millones de dólares en efectivo. La compañía declaró un dividendo trimestral de 0,27 dólares por acción.
The Cheesecake Factory는 2024년 3분기 재무 결과를 발표하며 총 수익이 8억 6천 5백 50만 달러로 2023년 3분기 8억 3천 2백만 달러에서 증가했다고 했습니다. 순이익은 3천만 달러였으며 희석 주당 순이익(EPS)은 0.61달러였습니다. 비교 가능한 식당 매출은 작년 대비 1.6% 증가했습니다. 회사는 3분기 동안 4개의 새로운 식당을 열었고, 분기 종료 후 3개 추가 위치를 개업하여 올해 총 17개의 새로운 개장을 기록했습니다. 이용 가능한 유동성은 2억 8천 8백 70만 달러로, 현금 5천 2백 20만 달러를 포함하고 있습니다. 회사는 주당 0.27달러의 분기 배당금을 선언했습니다.
The Cheesecake Factory a annoncé les résultats financiers du T3 2024 avec des revenus totaux de 865,5 millions de dollars, en hausse par rapport à 830,2 millions de dollars au T3 2023. Le bénéfice net s'élevait à 30,0 millions de dollars avec un BPA dilué de 0,61 dollar. Les ventes des restaurants comparables ont augmenté de 1,6% d'une année sur l'autre. L'entreprise a ouvert quatre nouveaux restaurants durant le T3 et trois emplacements supplémentaires après la fin du trimestre, totalisant 17 nouvelles ouvertures depuis le début de l'année. La liquidité disponible s'élevait à 288,7 millions de dollars, dont 52,2 millions de dollars en liquidités. L'entreprise a déclaré un dividende trimestriel de 0,27 dollar par action.
The Cheesecake Factory berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 mit einem Gesamtumsatz von 865,5 Millionen Dollar, ein Anstieg von 830,2 Millionen Dollar im 3. Quartal 2023. Der Nettogewinn betrug 30,0 Millionen Dollar bei einem verwässerten Gewinn pro Aktie von 0,61 Dollar. Die vergleichbaren Restaurantumsätze erhöhten sich im Jahresvergleich um 1,6%. Das Unternehmen hat im 3. Quartal vier neue Restaurants eröffnet und nach Quartalsende drei weitere Standorte eröffnet, was insgesamt 17 Neuöffnungen im laufenden Jahr ergibt. Die verfügbare Liquidität belief sich auf 288,7 Millionen Dollar, einschließlich 52,2 Millionen Dollar in bar. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,27 Dollar pro Aktie.
- Revenue increased to $865.5M from $830.2M YoY
- Comparable restaurant sales grew 1.6% YoY
- Strong expansion with 17 new restaurant openings YTD
- Improved labor productivity and staff retention
- Maintained quarterly dividend of $0.27 per share
- Total debt of $475M, including $345M in convertible notes
- share repurchases of only 29,450 shares ($1.1M)
Insights
The Q3 results show modest growth with
The balance sheet position remains solid with
The outperformance versus broader casual dining indicates CAKE's resilience in a challenging consumer environment. Key operational metrics show encouraging trends, particularly in labor productivity and staff retention - critical factors in the current restaurant industry landscape. The diversified growth strategy across multiple concepts (Cheesecake Factory, North Italia, Flower Child and FRC) helps mitigate risk while capturing different market segments.
The company's expansion pace of 22 new restaurants represents approximately
Total revenues were
The Company recorded pre-tax net income of
Comparable restaurant sales at The Cheesecake Factory restaurants increased
“The third quarter was our fourth consecutive quarter of year-over-year top- and bottom-line growth, reflecting our strong operational execution, the benefits of our scale, and the delicious, memorable experiences we offer across our restaurant concepts,” said David Overton, Chairman and Chief Executive Officer. “We are capturing market share as evidenced by the continued strong outperformance in comparable sales and traffic at The Cheesecake Factory restaurants versus the broader casual dining industry. Execution within our restaurants was exceptional with our operators delivering significant improvements in labor productivity, hourly staff and manager retention, and guest satisfaction scores."
“We opened four new restaurants during the third quarter and, subsequent to quarter-end, opened three additional restaurants across various concepts for a total of 17 new openings year-to-date. Our ability to execute against our pipeline and successfully expand our restaurant footprint reinforces our confidence in our ability to achieve our near-term and longer-term development objectives. Looking ahead we remain focused on operational excellence, growing profitably and creating long-term, sustainable value into 2025 and beyond.”
Development
During the third quarter of fiscal 2024, the Company opened four new restaurants, including one Flower Child location and three FRC restaurants. Subsequent to quarter-end, the Company opened three new restaurants, including one North Italia, one Flower Child and one Blanco location.
The Company continues to expect to open as many as 22 new restaurants in fiscal 2024, including as many as three The Cheesecake Factory restaurants, six North Italia restaurants, six to seven Flower Child locations, and eight FRC restaurants.
Liquidity and Capital Allocation
As of October 1, 2024, the Company had total available liquidity of
The Company repurchased approximately 29,450 shares of its stock at a cost of
Conference Call and Webcast
The Company will hold a conference call to review its results for the third quarter of fiscal 2024 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company’s website at investors.thecheesecakefactory.com and a replay of the webcast will be available through November 28, 2024.
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 344 restaurants throughout
From Fortune. ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated |
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the Company’s operations, growth, digital strategies and other objectives. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: economic, public health and political conditions that impact consumer confidence and spending, including interest rate fluctuations, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia, Flower Child and Other Fox Restaurant Concepts restaurants; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located, and the Company’s ability to successfully manage its lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; changes in laws impacting the Company’s business; adverse weather conditions in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.
The Cheesecake Factory Incorporated | ||||||||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||||||||
(unaudited; in thousands, except per share and statistical data) | ||||||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | |||||||||||||||||||||
Consolidated Statements of Income | October 1, 2024 | October 3, 2023 | October 1, 2024 | October 3, 2023 | ||||||||||||||||||||
Amount |
Percent of
|
|
Amount |
Percent of
|
|
Amount |
Percent of
|
|
Amount |
Percent of
|
||||||||||||||
|
|
|
||||||||||||||||||||||
Revenues | $ |
865,471 |
|
100.0 |
% |
$ |
830,210 |
|
100.0 |
% |
$ |
2,660,736 |
|
100.0 |
% |
$ |
2,562,494 |
|
100.0 |
% |
||||
Costs and expenses: | ||||||||||||||||||||||||
Food and beverage costs |
|
195,306 |
|
22.6 |
% |
|
194,733 |
|
23.5 |
% |
|
600,253 |
|
22.6 |
% |
|
602,051 |
|
23.5 |
% |
||||
Labor expenses |
|
310,939 |
|
35.9 |
% |
|
301,663 |
|
36.3 |
% |
|
949,151 |
|
35.7 |
% |
|
919,340 |
|
35.9 |
% |
||||
Other operating costs and expenses |
|
239,470 |
|
27.7 |
% |
|
229,534 |
|
27.6 |
% |
|
712,108 |
|
26.9 |
% |
|
687,459 |
|
26.7 |
% |
||||
General and administrative expenses |
|
56,204 |
|
6.5 |
% |
|
54,209 |
|
6.5 |
% |
|
170,954 |
|
6.4 |
% |
|
162,766 |
|
6.4 |
% |
||||
Depreciation and amortization expenses |
|
25,299 |
|
2.9 |
% |
|
22,837 |
|
2.8 |
% |
|
75,015 |
|
2.8 |
% |
|
69,124 |
|
2.7 |
% |
||||
Impairment of assets and lease terminations (income)/expense |
|
(3,472 |
) |
(0.4 |
)% |
|
48 |
|
0.0 |
% |
|
(1,577 |
) |
(0.1 |
)% |
|
1,637 |
|
0.1 |
% |
||||
Acquisition-related contingent consideration, compensation and amortization expenses |
|
1,020 |
|
0.1 |
% |
|
1,414 |
|
0.2 |
% |
|
3,287 |
|
0.1 |
% |
|
3,890 |
|
0.2 |
% |
||||
Preopening costs |
|
7,005 |
|
0.8 |
% |
|
6,742 |
|
0.8 |
% |
|
19,860 |
|
0.7 |
% |
|
15,800 |
|
0.6 |
% |
||||
Total costs and expenses |
|
831,771 |
|
96.1 |
% |
|
811,180 |
|
97.7 |
% |
|
2,529,051 |
|
95.1 |
% |
|
2,462,067 |
|
96.1 |
% |
||||
Income from operations |
|
33,700 |
|
3.9 |
% |
|
19,030 |
|
2.3 |
% |
|
131,685 |
|
4.9 |
% |
|
100,427 |
|
3.9 |
% |
||||
Interest and other (expense)/income, net |
|
(1,865 |
) |
(0.2 |
)% |
|
(2,027 |
) |
(0.3 |
)% |
|
(5,974 |
) |
(0.2 |
)% |
|
(6,069 |
) |
(0.2 |
)% |
||||
Income before income taxes |
|
31,835 |
|
3.7 |
% |
|
17,003 |
|
2.0 |
% |
|
125,711 |
|
4.7 |
% |
|
94,358 |
|
3.7 |
% |
||||
Income tax provision/(benefit) |
|
1,841 |
|
0.2 |
% |
|
(942 |
) |
(0.2 |
)% |
|
10,082 |
|
0.4 |
% |
|
5,688 |
|
0.2 |
% |
||||
Net income | $ |
29,994 |
|
3.5 |
% |
$ |
17,945 |
|
2.2 |
% |
$ |
115,629 |
|
4.3 |
% |
$ |
88,670 |
|
3.5 |
% |
||||
Basic net income per share | $ |
0.63 |
|
$ |
0.37 |
|
$ |
2.42 |
|
$ |
1.83 |
|
||||||||||||
Basic weighted average shares outstanding |
|
47,750 |
|
|
48,281 |
|
|
47,734 |
|
|
48,489 |
|
||||||||||||
Diluted net income per share | $ |
0.61 |
|
$ |
0.37 |
|
$ |
2.37 |
|
$ |
1.80 |
|
||||||||||||
Diluted weighted average shares outstanding |
|
48,946 |
|
|
48,985 |
|
|
48,751 |
|
|
49,197 |
|
||||||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | |||||||||||||||||
Selected Segment Information | October 1, 2024 | October 3, 2023 | October 1, 2024 | October 3, 2023 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
The Cheesecake Factory restaurants | $ |
647,754 |
|
$ |
628,140 |
|
$ |
1,992,245 |
|
$ |
1,936,621 |
|
||||||||
North Italia |
|
71,878 |
|
|
62,417 |
|
|
218,266 |
|
|
191,654 |
|
||||||||
Other FRC |
|
66,984 |
|
|
58,642 |
|
|
214,850 |
|
|
193,010 |
|
||||||||
Other |
|
78,855 |
|
|
81,011 |
|
|
235,375 |
|
|
241,209 |
|
||||||||
Total | $ |
865,471 |
|
$ |
830,210 |
|
$ |
2,660,736 |
|
$ |
2,562,494 |
|
||||||||
Income/(loss) from operations: | ||||||||||||||||||||
The Cheesecake Factory restaurants | $ |
87,822 |
|
$ |
67,637 |
|
$ |
274,928 |
|
$ |
231,700 |
|
||||||||
North Italia |
|
4,408 |
|
|
4,081 |
|
|
13,085 |
|
|
15,314 |
|
||||||||
Other FRC |
|
(1,372 |
) |
|
1,036 |
|
|
8,510 |
|
|
15,826 |
|
||||||||
Other |
|
(57,158 |
) |
|
(53,724 |
) |
|
(164,838 |
) |
|
(162,413 |
) |
||||||||
Total | $ |
33,700 |
|
$ |
19,030 |
|
$ |
131,685 |
|
$ |
100,427 |
|
||||||||
Depreciation and amortization expenses: | ||||||||||||||||||||
The Cheesecake Factory restaurants | $ |
16,142 |
|
$ |
15,702 |
|
$ |
49,242 |
|
$ |
47,955 |
|
||||||||
North Italia |
|
2,360 |
|
|
1,578 |
|
|
6,653 |
|
|
4,713 |
|
||||||||
Other FRC |
|
3,031 |
|
|
1,891 |
|
|
8,246 |
|
|
5,627 |
|
||||||||
Other |
|
3,766 |
|
|
3,666 |
|
|
10,874 |
|
|
10,829 |
|
||||||||
Total | $ |
25,299 |
|
$ |
22,837 |
|
$ |
75,015 |
|
$ |
69,124 |
|
||||||||
Impairment of assets and lease termination (income)/expenses: | ||||||||||||||||||||
The Cheesecake Factory restaurants | $ |
(3,858 |
) |
$ |
29 |
|
$ |
(1,732 |
) |
|
160 |
|
||||||||
North Italia |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||
Other FRC |
|
- |
|
|
- |
|
|
- |
|
|
55 |
|
||||||||
Other |
|
386 |
|
|
19 |
|
|
155 |
|
|
1,422 |
|
||||||||
Total | $ |
(3,472 |
) |
$ |
48 |
|
$ |
(1,577 |
) |
$ |
1,637 |
|
||||||||
Preopening costs: | ||||||||||||||||||||
The Cheesecake Factory restaurants | $ |
1,483 |
|
$ |
3,861 |
|
$ |
5,615 |
|
$ |
8,401 |
|
||||||||
North Italia |
|
1,765 |
|
|
1,068 |
|
|
5,179 |
|
|
2,132 |
|
||||||||
Other FRC |
|
2,900 |
|
|
1,764 |
|
|
6,810 |
|
|
4,483 |
|
||||||||
Other |
|
857 |
|
|
49 |
|
|
2,256 |
|
|
784 |
|
||||||||
Total | $ |
7,005 |
|
$ |
6,742 |
|
$ |
19,860 |
|
$ |
15,800 |
|
||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | |||||||||||||||||
The Cheesecake Factory restaurants operating information: | October 1, 2024 | October 3, 2023 | October 1, 2024 | October 3, 2023 | ||||||||||||||||
Comparable restaurant sales vs. prior year |
|
1.6 |
% |
|
2.4 |
% |
|
0.8 |
% |
|
3.2 |
% |
||||||||
Restaurants opened during period |
|
- |
|
|
2 |
|
|
1 |
|
|
3 |
|
||||||||
Restaurants open at period-end |
|
215 |
|
|
213 |
|
|
215 |
|
|
213 |
|
||||||||
Restaurant operating weeks |
|
2,804 |
|
|
2,756 |
|
|
8,419 |
|
|
8,227 |
|
||||||||
North Italia operating information: | ||||||||||||||||||||
Comparable restaurant sales vs. prior year |
|
2 |
% |
|
8 |
% |
|
2 |
% |
|
8 |
% |
||||||||
Restaurants opened during period |
|
- |
|
|
- |
|
|
3 |
|
|
- |
|
||||||||
Restaurants open at period-end |
|
39 |
|
|
33 |
|
|
39 |
|
|
33 |
|
||||||||
Restaurant operating weeks |
|
507 |
|
|
429 |
|
|
1,486 |
|
|
1,287 |
|
||||||||
Other Fox Restaurant Concepts (FRC) operating information:(1) | ||||||||||||||||||||
Restaurants opened during period |
|
3 |
|
|
- |
|
|
6 |
|
|
3 |
|
||||||||
Restaurants open at period-end |
|
46 |
|
|
37 |
|
|
46 |
|
|
37 |
|
||||||||
Restaurant operating weeks |
|
575 |
|
|
481 |
|
|
1,654 |
|
|
1,394 |
|
||||||||
Other operating information:(2) | ||||||||||||||||||||
Restaurants opened during period |
|
1 |
|
|
- |
|
|
4 |
|
|
1 |
|
||||||||
Restaurants open at period-end |
|
41 |
|
|
40 |
|
|
41 |
|
|
40 |
|
||||||||
Restaurant operating weeks |
|
526 |
|
|
520 |
|
|
1,475 |
|
|
1,555 |
|
||||||||
Number of company-owned restaurants: | ||||||||||||||||||||
The Cheesecake Factory |
|
215 |
|
|||||||||||||||||
North Italia |
|
39 |
|
|||||||||||||||||
Other FRC |
|
46 |
|
|||||||||||||||||
Other |
|
41 |
|
|||||||||||||||||
Total |
|
341 |
|
|||||||||||||||||
Number of international-licensed restaurants: | ||||||||||||||||||||
The Cheesecake Factory |
|
34 |
|
|||||||||||||||||
(1) The Other FRC segment includes all FRC brands except Flower Child. | ||||||||||||||||||||
(2) The Other segment includes the Flower Child, Grand Lux Cafe and Social Monk Asian Kitchen concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs. |
Selected Consolidated Balance Sheet Information | October 1, 2024 | January 2, 2024 | ||||||||||||
Cash and cash equivalents | $ |
52,215 |
$ |
56,290 |
||||||||||
Long-term debt, net of issuance costs (1) |
|
471,558 |
|
470,047 |
||||||||||
(1) Includes |
Reconciliation of Non-GAAP Results to GAAP Results
In addition to the results provided in accordance with accounting principles generally accepted in
The Cheesecake Factory Incorporated | ||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
(unaudited; in thousands, except per share data) | ||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | |||||||||||||||||
October 1, 2024 | October 3, 2023 | October 1, 2024 | October 3, 2023 | |||||||||||||||||
Net income (GAAP) | $ |
29,994 |
|
$ |
17,945 |
|
$ |
115,629 |
|
$ |
88,670 |
|
||||||||
Impairment of assets and lease termination (income)/expenses(1) |
|
(3,472 |
) |
|
48 |
|
|
(1,577 |
) |
|
1,637 |
|
||||||||
Acquisition-related contingent consideration, compensation and amortization expenses(2) |
|
1,020 |
|
|
1,414 |
|
|
3,287 |
|
|
3,890 |
|
||||||||
Tax effect of adjustments(3) |
|
638 |
|
|
(380 |
) |
|
(445 |
) |
|
(1,437 |
) |
||||||||
Adjusted net income (non-GAAP) | $ |
28,180 |
|
$ |
19,027 |
|
$ |
116,894 |
|
$ |
92,760 |
|
||||||||
Diluted net income per share (GAAP) | $ |
0.61 |
|
$ |
0.37 |
|
$ |
2.37 |
|
$ |
1.80 |
|
||||||||
Impairment of assets and lease termination (income)/expenses |
|
(0.07 |
) |
|
0.00 |
|
|
(0.03 |
) |
|
0.03 |
|
||||||||
Acquisition-related contingent consideration, compensation and amortization expenses |
|
0.02 |
|
|
0.03 |
|
|
0.07 |
|
|
0.08 |
|
||||||||
Tax effect of adjustments |
|
0.01 |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.03 |
) |
||||||||
Adjusted net income per share (non-GAAP)(4) | $ |
0.58 |
|
$ |
0.39 |
|
$ |
2.40 |
|
$ |
1.89 |
|
||||||||
(1) A detailed breakdown of impairment of assets and lease termination (income)/expenses recorded in the thirteen and thirty-nine weeks ended October 1, 2024 and October 3, 2023 can be found in the Selected Segment Information table. | ||||||||||||||||||||
(2) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements. | ||||||||||||||||||||
(3) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a |
||||||||||||||||||||
(4) Adjusted net income per share may not add due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029644352/en/
Etienne Marcus
(818) 871-3000
investorrelations@thecheesecakefactory.com
Source: The Cheesecake Factory Incorporated
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