The Cheesecake Factory Incorporated ( CAKE ) reported earnings for its third quarter that advanced from past year.
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However, the company’s earnings came in at 59 cents per share for the 2015 third quarter, above the 56 cents per share analysts were expecting.
The company, which counts “Star Wars” and “Frozen” toys among its bestsellers, reported net income of $45.8 million ($1.12 a share) in the third quarter, compared with $44.1 million ($1.03) this time past year.
Results included a one-time impairment charge of $6 million related to RockSugar Pan Asian Kitchen.
“The consistency of our results continues to be evident as we delivered our 23rd consecutive quarter of positive comparable sales”, David Overton, The Cheesecake Factory Inc. chairman and CEO, said in a statement.
Revenue increased 5.5 percent, to $526.7 million, for the quarter, compared with $499.1 million a year ago. Analysts polled by Thomson Reuters expected revenue of $535 million. Comparable sales are considered an important metric for retailers and chain restaurants. The 52 week high for the share price is now at 58.86 Dollars while the year low stock price is now 43.64 USD. The first quarter saw 4.2 percent growth.
Shares of Cheesecake Factory slumped 5.8% in after-hours trading.
Cheesecake Factory Inc with TICKER NASDAQ:CAKE had its stock rating noted as “Reiterated” with the recommendation being set at “BUY” this morning by analysts at Stifel.
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In terms of guidance Cheesecake Factory said it is looking to open 5 additional company-owned restaurants during the rest of the fourth quarter, including one next week.
