Cheesecake Factory Inc. swung to a profit in the fourth quarter, as nearly all pandemic-related indoor dining restrictions have been lifted for its stores.
The California-based restaurant company posted a profit of $2.1 million, compared with a loss of $32.3 million a year earlier. Earnings per share were 4 cents, compared with a loss of 85 cents a share a year earlier.
On an adjusted basis, earnings were 49 cents a share. Analysts were expecting 58 cents a share.
reported revenue of $776.7 million, up from $554.6 million in the previous year. Analysts polled by FactSet expected $775 million.
Cheesecake Factory reported a 24% increase in comparable sales, which measures sales at restaurants opened at least 19 months, among its restaurants from the start of the fiscal year to Feb. 15, supported by a 30% off-premise sales mix. During the height of the pandemic in 2020, off-premise sales constituted 43% of the company’s restaurant sales.
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