By Connor Hart
The Cheesecake Factory logged higher-than-expected profit and revenue in the fourth quarter, as it gained market share and opened new restaurants.
The restaurant chain on Wednesday posted a profit of $41.2 million, or 83 cents a share, compared with $12.7 million, or 26 cents a share, a year earlier.
Adjusted per-share earnings came in at $1.04, ahead of the 92 cents that analysts surveyed by FactSet expected.
Revenue increased 5% to $921 million, topping the $912.9 million that analysts were looking for. The Calabasas Hills, Calif., company's namesake brand accounted for nearly three-quarters of total sales during the quarter.
Same-store sales, which account for store openings and closing, rose 1.7%.
"We continued to capture market share, as demonstrated by the ongoing outperformance in comparable sales and traffic at The Cheesecake Factory restaurants versus the broader casual dining industry," Chief Executive David Overton said.
Cheesecake Factory opened nine restaurants during the quarter, for a total of 23 openings during the year, topping its development expectations, according to Overton. The company now expects to open as many as 25 restaurants in fiscal 2025.
Shares rise 1%, to $54.85, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 19, 2025 16:39 ET (21:39 GMT)
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