The Cheesecake Factory Incorporated reported financial results for the first quarter of fiscal 2016, which ended on March 29.
Total revenues were $553.7 million in the first quarter of fiscal 2016 as compared to $518 million in the prior year first quarter. Net income and diluted net income per share were $34 million and $0.68, respectively, in the first quarter of fiscal 2016.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.7 percent in the first quarter of fiscal 2016.
“We effectively kicked off 2016 with another quarter of positive comparable sales, our 25th in a row. Consistent and predictable performance is a hallmark of The Cheesecake Factory and is representative of the highly differentiated guest experience our operations team delivers every day. Our share of wallet continues to increase as we delivered dependable competitive performance and again outpaced the casual dining industry,” says David Overton, chairman and chief executive officer.
“Operational excellence and the sustained demand for our brand, as illustrated by our recent recognition as the No. 1 casual dining concept in Nation’s Restaurant News’ Consumer Picks Survey, both contributed to our strong start to the year. With solid overall sales growth and effective management of our expenses throughout the income statement, we captured measurable gains in operating margins and earnings per share. Our returns-focused growth demonstrates our commitment to increase shareholder value,” concludes Overton.
The company continues to expect to open as many as eight company-owned restaurants domestically in fiscal 2016. The first company-owned restaurant opened in Albuquerque, New Mexico, in February and the next location is expected to open in the second quarter of this year.
Internationally, the company is still expecting as many as four to five restaurants to open under licensing agreements in fiscal 2016. This includes the first The Cheesecake Factory in China, which is scheduled to open mid year in Disneytown, part of the Shanghai Disney resort.