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Cheesecake Factory Inc (NYSE:CAKE) shares are trading flat at around $40.76 Thursday morning and off the session low of $37.98. The company reported worse-than-expected fourth-quarter financial results.
What Happened?
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Cheesecake Factory reported quarterly earnings of 56 cents per share which missed the analyst consensus estimate of 57 cents. The company reported quarterly sales of $892.80 million, which missed the analyst consensus estimate of $900.94 million by 0.9%. This sales figure is, however, a 15% increase over sales of $776.69 million in the same period last year.
Cheesecake Factory says comparable restaurant sales at The Cheesecake Factory restaurants increased 4.0% year-over-year in the fourth quarter of fiscal 2022. Additionally, relative to fiscal 2019, the company says fourth quarter comparable restaurant sales at The Cheesecake Factory restaurants increased by 11.4%.
What Else?
"Our fourth quarter performance was a solid finish to a challenging year marked by persistent inflation, volatility and a dynamic operating environment," said David Overton, Chairman and Chief Executive Officer.
"Our best-in-class operators continued to do an excellent job of managing their restaurants, building sales and delivering delicious, memorable experiences for our valued guests."
Analyst Rating Updates
Additionally, CAKE received a number of analyst rating updates Thursday morning including:
- Wedbush analyst Nick Setyan maintained with a Neutral and raises the price target from $40 to $44.
- Credit Suisse analyst Lauren Silberman maintained with a Neutral and raises the price target from $37 to $42.
- Baird analyst David Tarantino maintained with a Neutral and raises the price target from $33 to $39.
According to data from Benzinga Pro, CAKE has a 52-week high of $43.29 and a 52-week low of $26.05.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.