The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2016
Total revenues were
Comparable restaurant sales at The
“We again outperformed the casual dining industry, delivering our 26th consecutive quarter of positive comparable sales,” said
David Overton,
Chairman and Chief Executive Officer. “Capturing operational
efficiencies, coupled with a benign commodity cost environment, enabled
us to offset industry wage inflation and drive strong margins and
earnings growth during the quarter. In addition, we achieved a
significant milestone in our international expansion with the opening of
the first The
Overton concluded, “Underscoring our confidence in our industry-leading position and future prospects, we are both expanding our share repurchase authorization and meaningfully increasing our quarterly dividend. We will have doubled the amount of our dividend since first initiating one in fiscal 2012, with this increase. We remain committed to investing in returns-focused growth and returning capital to achieve our targeted returns and increase shareholder value.”
Development
The Company continues to expect to open as many as eight Company-owned
restaurants domestically in fiscal 2016, the second of which opened in
Internationally, the Company continues to expect as many as four to five
restaurants to open under licensing agreements in fiscal 2016, including
the first The
Capital Allocation
The Company’s Board of Directors declared a quarterly cash dividend of
During the second quarter of fiscal 2016, the Company repurchased 0.5
million shares of its common stock at a cost of
Conference Call and Webcast
The Company will hold a conference call to review its results for the
second quarter of fiscal 2016 today at
About The
The
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Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements, including uncertainties related to: the Company’s ability to
deliver consistent and dependable comparable sales results over a
sustained period of time; the Company’s ability to deliver increases in
guest traffic; the strength of the Company’s brand; the Company’s
ability to provide a differentiated experience to guests; the Company’s
ability to outperform the casual dining industry and increase its market
share; the Company’s ability to leverage sales increases and manage flow
through; the Company’s ability to increase margins; the Company’s
ability to grow earnings; the Company’s ability to remain relevant to
consumers; the Company’s ability to increase shareholder value; the
Company’s ability to expand its concepts domestically and work with its
licensees to expand its concept internationally; the Company’s ability
to utilize its capital effectively and continue to repurchase its
shares; factors outside of the Company’s control that impact consumer
confidence and spending; current and future macroeconomic conditions;
acceptance and success of The
The Cheesecake Factory Incorporated and Subsidiaries | ||||||||||||||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||||||||||||||
(unaudited; in thousands, except per share and statistical data) | ||||||||||||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |||||||||||||||||||||||
Consolidated Statement of Operations | June 28, 2016 | June 30, 2015 | June 28, 2016 | June 30, 2015 | ||||||||||||||||||||||
Amount |
Percent of
Revenues |
Amount |
Percent of
Revenues |
Amount |
Percent of
Revenues |
Amount |
Percent of
Revenues |
|||||||||||||||||||
Revenues | \\$ | 558,862 | 100.0 | % | \\$ | 529,107 | 100.0 | % | \\$ | 1,112,555 | 100.0 | % | \\$ | 1,047,080 | 100.0 | % | ||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of sales | 126,933 | 22.7 | % | 126,623 | 23.9 | % | 257,706 | 23.2 | % | 253,235 | 24.2 | % | ||||||||||||||
Labor expenses | 185,211 | 33.2 | % | 168,495 | 31.8 | % | 370,869 | 33.3 | % | 339,664 | 32.5 | % | ||||||||||||||
Other operating costs and expenses | 131,980 | 23.6 | % | 123,675 | 23.4 | % | 261,537 | 23.5 | % | 247,110 | 23.6 | % | ||||||||||||||
General and administrative expenses | 35,785 | 6.4 | % | 35,345 | 6.7 | % | 71,122 | 6.4 | % | 68,420 | 6.5 | % | ||||||||||||||
Depreciation and amortization expenses | 21,461 | 3.8 | % | 21,158 | 4.0 | % | 42,925 | 3.9 | % | 42,335 | 4.0 | % | ||||||||||||||
Preopening costs | 2,302 | 0.4 | % | 4,058 | 0.8 | % | 4,612 | 0.4 | % | 5,509 | 0.5 | % | ||||||||||||||
Total costs and expenses | 503,672 | 90.1 | % | 479,354 | 90.6 | % | 1,008,771 | 90.7 | % | 956,273 | 91.3 | % | ||||||||||||||
Income from operations | 55,190 | 9.9 | % | 49,753 | 9.4 | % | 103,784 | 9.3 | % | 90,807 | 8.7 | % | ||||||||||||||
Interest and other (expense)/income, net | (2,181 | ) | (0.4 | )% | (1,432 | ) | (0.3 | )% | (4,485 | ) | (0.4 | )% | (3,327 | ) | (0.3 | )% | ||||||||||
Income before income taxes | 53,009 | 9.5 | % | 48,321 | 9.1 | % | 99,299 | 8.9 | % | 87,480 | 8.4 | % | ||||||||||||||
Income tax provision | 14,424 | 2.6 | % | 13,597 | 2.5 | % | 26,760 | 2.4 | % | 24,333 | 2.4 | % | ||||||||||||||
Net income | \\$ | 38,585 | 6.9 | % | \\$ | 34,724 | 6.6 | % | \\$ | 72,539 | 6.5 | % | \\$ | 63,147 | 6.0 | % | ||||||||||
Basic net income per share | \\$ | 0.80 | \\$ | 0.72 | \\$ | 1.50 | \\$ | 1.29 | ||||||||||||||||||
Basic weighted average shares outstanding | 48,232 | 48,451 | 48,375 | 48,838 | ||||||||||||||||||||||
Diluted net income per share | \\$ | 0.78 | \\$ | 0.69 | \\$ | 1.46 | \\$ | 1.25 | ||||||||||||||||||
Diluted weighted average shares outstanding | 49,598 | 50,262 | 49,814 | 50,681 | ||||||||||||||||||||||
Selected Segment Information | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
The Cheesecake Factory restaurants | \\$ | 511,918 | \\$ | 483,285 | \\$ | 1,018,234 | \\$ | 956,102 | ||||||||||||||||||
Other | 46,944 | 45,822 | 94,321 | 90,978 | ||||||||||||||||||||||
\\$ | 558,862 | \\$ | 529,107 | \\$ | 1,112,555 | \\$ | 1,047,080 | |||||||||||||||||||
Income from operations: | ||||||||||||||||||||||||||
The Cheesecake Factory restaurants | \\$ | 82,285 | \\$ | 77,292 | \\$ | 156,577 | \\$ | 143,993 | ||||||||||||||||||
Other | 5,769 | 5,263 | 12,681 | 11,326 | ||||||||||||||||||||||
Corporate | (32,864 | ) | (32,802 | ) | (65,474 | ) | (64,512 | ) | ||||||||||||||||||
\\$ | 55,190 | \\$ | 49,753 | \\$ | 103,784 | \\$ | 90,807 | |||||||||||||||||||
Selected Consolidated Balance Sheet Information |
|
June 28, 2016 |
|
December 29, 2015 |
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Cash and cash equivalents | \\$ | 79,618 | \\$ | 43,854 | ||||||||||||||||||||||
Total assets | 1,204,318 | 1,233,346 | ||||||||||||||||||||||||
Total liabilities | 607,476 | 644,807 | ||||||||||||||||||||||||
Stockholders' equity | 596,842 | 588,539 | ||||||||||||||||||||||||
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13 Weeks Ended |
|
13 Weeks Ended |
|
26 Weeks Ended |
|
26 Weeks Ended |
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The Cheesecake Factory Supplemental Information |
|
June 28, 2016 |
|
June 30, 2015 |
|
June 28, 2016 |
|
June 30, 2015 |
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Comparable restaurant sales | 0.3 | % | 2.8 | % | 1.0 | % | 3.5 | % | ||||||||||||||||||
Restaurants opened during period | 1 | 2 | 2 | 2 | ||||||||||||||||||||||
Restaurants open at period-end | 189 | 179 | 189 | 179 | ||||||||||||||||||||||
Restaurant operating weeks | 2,448 | 2,309 | 4,884 | 4,610 |
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