CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Wednesday reported a second-quarter loss of $56.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Calabasas Hills, California-based company said it had a loss of $1.61. Losses, adjusted for non-recurring costs, were 87 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of $1.07 per share.
The restaurant chain posted revenue of $295.9 million in the period, missing Street forecasts. Ten analysts surveyed by Zacks expected $307.2 million.
Cheesecake Factory shares have decreased 32% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.57, a drop of 40% in the last 12 months.