Why Cheesecake Factory Stock Is Moving In Wednesday's After-Hours Session
Cheesecake Factory Inc (NYSE: CAKE) shares are trading lower by 3.42% to $39.30 during Wednesday's after-hours session. The company reported worse-than-expected fourth-quarter financial results.
What Happened?
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.
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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."
According to data from Benzinga Pro, CAKE has a 52-week high of $43.29 and a 52-week low of $26.05.
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This article Why Cheesecake Factory Stock Is Moving In Wednesday's After-Hours Session originally appeared on Benzinga.com
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