Calabasas Hills, Calif.-based upscale casual dining restaurateur, The Cheesecake Factory Incorporated (CAKE) recently unveiled a new restaurant in Syracuse, N.Y. The restaurant is located at Destiny USA, a six-story super-regional shopping and entertainment complex.
Located at 306 Hiawatha Boulevard West, the restaurant is spread over an area of 10,350 square-feet and can accommodate 310 guests. The restaurant has a varied menu comprising 200 items and more than 50 low calorie items. Moreover, the outlet offers more than 50 signature cheesecakes and desserts, including new menu choices for Destiny USA visitors. Also, the unit has a modern décor with French limestone flooring and wall paintings.
New York is the most populated city in the United States. We believe that the restaurant’s strategic location along with its attractive offerings and contemporary ambience will drive traffic, going ahead.
Cheesecake Factory restaurants are primarily located in or near malls and shopping centers. We believe that such a location is perfect for attracting high-end customers. In December last year, the restaurateur opened an outlet in Bethesda, Md., at the Westfield Montgomery Mall.
Cheesecake Factory is well positioned to sustain its same-stores sales growth driven by improved guest traffic. This Zacks Rank #3 (Hold) company with a 0.00% Earnings ESP is scheduled to report fourth-quarter 2013 results today after the markets close. Management expects to record comparable restaurant sales growth in 2013 making it the fourth consecutive year of increase. However, the company tightened its earnings per share guidance for 2013 during third quarter earnings anticipating lower external bakery sales. It also indicated that food costs remain a matter of concern.
Some better-ranked stocks in the industry include Buffalo Wild Wings Inc. (BWLD), Carrols Restaurant Group, Inc. (TAST) and Chipotle Mexican Grill, Inc. (CMG). All these stocks carry a Zacks Rank #2 (Buy).
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