CAKE - The Cheesecake Factory Incorporated
15.95 +0.23 (1.46%)
After hours: 7:48PM EDT
| Previous Close | 17.08 |
| Open | 16.15 |
| Bid | 15.73 x 800 |
| Ask | 15.76 x 1200 |
| Day's Range | 15.52 - 16.64 |
| 52 Week Range | 14.52 - 51.15 |
| Volume | 3,446,636 |
| Avg. Volume | 1,894,819 |
| Market Cap | 706.798M |
| Beta (5Y Monthly) | 0.59 |
| PE Ratio (TTM) | 5.50 |
| EPS (TTM) | 2.86 |
| Earnings Date | Apr 28, 2020 - May 03, 2020 |
| Forward Dividend & Yield | 1.44 (8.43%) |
| Ex-Dividend Date | Mar 05, 2020 |
| 1y Target Est | 36.63 |
- Bloomberg
How the Shopping Mall Can Survive Covid-19
(Bloomberg Opinion) -- Lakeside shopping center, just outside of London, is a mecca of consumerism. It’s situated in the county of Essex, which loves shopping so much that a reality TV show captures the exploits of its glamorous, bauble-buying residents.But since last week, the mall has been open for only essential purchases, in line with government guidance. Its owner Intu Properties Plc said last Thursday that it had collected just 29% of the rent due from its tenants there and around the country. At the same time last year, it had received 77% of the amount due. Occupants including Associated British Foods Plc’s Primark and Swedish fashion retailer Hennes & Mauritz AB, which has shuttered thousands of stores around the world, are withholding payments or seeking better terms.It’s a scenario that’s being repeated on both sides of the Atlantic. Cheesecake Factory Inc., which has 294 stores throughout the U.S. and Canada, said in a filing last week that it would not pay its April rent, and that was in discussions with its landlords, a who’s who of American mall owners.While consumer-facing groups such as apparel chains have been the first shoe to drop, landlords look set to be the next. Retailers are bracing for a prolonged shutdown. On Monday, Macy’s Inc. said it was forloughing most of its 130,000 strong workforce after losing the majority of its sales because of store closures.No wonder some, such as U.S. mall owner Taubman Centers Inc., are fighting back. It told tenants in a memo that they still have to pay, although it added that it’s working with affected occupiers.The developing stand-off will do nothing to help the plight of stores, nor in the longer term, shopping center owners. As I have argued, the fall-out from the catastrophic loss of business from the coronavirus retail crisis needs to be shared. Some consequences will have to be borne downstream, by suppliers; some upstream, by landlords.But this could be tricky. With fixed assets like malls, it’s not easy to adjust the cost base. Some also have significant borrowings. Lenders may have to bear some of the burden, while government relief looks increasingly necessary. My colleague Brian Chappatta has warned of the potential dangers to the mortgage market.Intu, which owns 17 U.K. malls including Manchester’s Trafford Center and the Metrocentre in Gateshead, is particularly vulnerable. Even before the outbreak, it was struggling under a mountain of borrowings. It said last Thursday that it was in talks with its lenders on waiving covenants, and that it could access the U.K. government’s 330 billion-pound ($410 billion) support mechanism.Meanwhile, in the U.S., mall owners CBL & Associates Properties Inc., Macerich Co. and Taubman stand out for their above average net debt-to-Ebitda ratios and heavy use of secured lending, according to Lindsay Dutch, an analyst at Bloomberg Intelligence.Others look to be in a better position.Simon Property Group Inc. has one of the strongest balance sheets. But it agreed in February to buy Taubman for $3.6 billion. This deal, if it goes ahead, together with the Covid-19 impact, could increase Simon’s net debt to 7 times Ebitda at the end of 2020, from 5.6 times a year earlier, according to Moody’s. Taubman has some prize assets, such as the Short Hills Mall in New Jersey and the Gardens Mall in Florida , but the higher leverage and integration will be more challenging in the current environment.Indeed, there will be pain even for the most solid operators. Simon is the biggest landlord to Cheesecake Factory, according to analysts at RBC Capital Markets.But even when the virus abates, the retail landscape won’t be the same. Some weaker stores and restaurants will not re-open their doors. For others, it will take considerable time for demand to return to normal.A frank conversation between retailers and landlords is needed to settle on ways for making it easier for everyone to weather this crisis. Alterations could include moving to monthly rent payments in cases where retailers are still expected to pay quarterly installments in advance, and doing so without any additional fees to facilitate the switch. Making it easier for tenants to break leases would also avoid time consuming and costly processes to exit agreements.While that may seem to favor retailers more than landlords, mall owners too have something to gain. The pandemic, and the retail shake-out that will inevitably follow, will exacerbate the divergence between the most muscular stores and restaurants and the laggards. It will also polarize the vibrant malls and secondary locations even more.To prosper in this new reality, mall owners will need to ensure they can attract the most desirable brands. The retailers that do emerge from the wreckage will remember how they were treated when the chips were down. On both sides, even-handed negotiations are the best way to help all parties recover, rather than risking bringing about the death of the mall for once and for all.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- TheStreet.com
Cheesecake Factory Shares Upgraded to Buy After `Exaggerated Selloff'
Cheesecake Factory shares were upgraded to buy at Gordon Haskett, which wrote that the selloff in the restaurant chain's shares was "exaggerated."
- Benzinga
Mall Owner Taubman To Tenants: Pay Your Rent
U.S. mall owner Taubman Centers, Inc. (NYSE: TCO) is warning tenants against skipping rent payments, CNBC reported Sunday.Taubman Says Rent 'Essential'The real estate investment trust wrote in a March 25 memo obtained by CNBC that the rental income it receives from tenants is "essential" for it to meet its own financial obligations, like paying lenders on mortgages and utility expenses.The Taubman memo reportedly said "all tenants will be expected" to stay true to their original lease obligations, despite financial difficulties related to the coronavirus.So far, restaurant chain Cheesecake Factory Inc (NASDAQ: CAKE) is the most notable national mall tenant to confirm it won't pay rent in April, although the company said it is in various stages of discussions with its landlords.RBC Capital Markets and Costar Realty found just one Cheesecake Factory located within a Taubman property.Taubman Sale Underway Taubman ultimately bears the financial responsibility of managing its malls, even if they are entirely shut down. But landlords and tenants will ultimately end up "sharing the burden" in some form, Green Street Advisors retail analyst Vince Tibone told CNBC.In February, Simon Property Group (NYSE: SPG) announced the acquisition of 80% of Taubman in a $3.6-billion deal that's expected to close this year. What's Next For Taubman Taubman is "attempting to navigate" through the complex landscape the "best way we can" and plans on "being as flexible as we can," a company spokeswoman told CNBC.So far, "most" tenants understand the status quo, she said, although the company acknowledges the situation is "much harder" for smaller and less-established occupants that may only have a presence in one mall.Taubman shares were down 0.73% at $46.05 at the time of publication Monday, while Simon Property shares were down 4.37% at $55.63. Related Links:Carly Fiorina Blasts Corporate Bailout Funding In T Coronavirus Relief BillGrubHub CEO: Independent Restaurants Are 'Really Hurting'Photo by ChildofMidnight via Wikimedia. See more from Benzinga * Instacart Employees Ready To Strike After 'Insulting' Proposal * Carly Fiorina Blasts Corporate Bailout Funding In T Coronavirus Relief Bill * Ex-FDA Chief Gottlieb Expects Coronavirus Therapeutic Option By Summer(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- MarketWatch
Coronavirus update: 615,519 cases, 28,717 deaths, U.S. now has most number of cases worldwide with more than 104,000
The number of people in the U.S. who have tested positive for COVID-19 has now surpassed the number of cases in China and Italy, the Asian and European epicenters of the global pandemic.
- American City Business Journals
'We don't know:' Retailers, landlords navigate coronavirus confusion
Cindy Schooler has been on the phone nonstop with both retail tenants and landlords in recent days, as some of the biggest nation's retail chains — from Subway to The Cheesecake Factory Inc. (Nasdaq: CAKE) — have told landlords across the U.S. that they won't be able to pay next month's rent due to COVID-19's disruption of the global economy. Behind the scenes, both large and small retailers in Central Florida have expressed concerns to their landlords about meeting their lease payments — at a time when Orange and Osceola counties have ordered non-essential businesses to shutter in an effort to slow the pandemic spread. Local retail experts like Schooler are uncertain what it ultimately will mean for retail tenants, landlords and lenders as businesses close their doors either voluntarily or through government orders.
- MarketWatch
Cheesecake Factory says it’s not paying rent in April, has furloughed thousands of employees
Cheesecake Factory isn’t paying rent as restaurants struggle with sales declines due to the coronavirus pandemic.
- MarketWatch
Cheesecake Factory has furloughed 41,000 hourly restaurant workers
Cheesecake Factory Inc. disclosed Friday that it has furloughed about 41,000 hourly employees, citing the COVID-19-related curtailment of dine-in restaurant operations and landlord closures of certain properties. The restaurant chain operator said the furloughed employees will be provided a daily complimentary meal, and retain eligibility of benefits and insurance until June 1. Cheesecake Factory had 46,250 employees at the end of 2019, according to its annual report. The company said its chief executive and other named executives have volunteered to have base salaries cut by 20% starting April 1, and the board of directors have elected to take a 20% cut in annual retainer fees. The company also confirmed that it was not planning to pay rent on leases for April. The stock, which was still inactive in premarket trading, has tumbled 48.8% over the past three months, while the S&P 500 has lost 18.8%.
- American City Business Journals
Cheesecake Factory won’t pay April rent because of coronavirus losses
One of the country’s largest restaurant chains, and the parent company to some of Phoenix’s most popular eateries, has sent a letter to its landlords saying it won’t be paying its April rent due to significant losses caused by the coronavirus outbreak. The Cheesecake Factory’s CEO David Overton told landlords in a letter the large national chain won’t be able to pay rent following a sudden decrease in business. In 2019, the Cheesecake Factory acquired Phoenix-based Fox Restaurant Concepts for $308 million.
- American City Business Journals
Local restaurateurs cook up new ideas to generate business during pandemic
Restaurants throughout Central Florida are seeking more ways to keep their businesses thriving outside of offering delivery or take-out, which have become staples industrywide to stave off dining room closures due to the spread of the coronavirus. For example, 4R Restaurant Group has decided to go into the grocery business, in a sense. The company's restaurants — with the exception of the downtown Orlando cafe — will sell products such as paper towels, toilet paper, disposable plates, ground beef, chicken breasts, half chickens, spaghetti, rice, milk and beer sale.
- MarketWatch
Stocks rocket to notch third daily gain in a row on expectations of strong stimulus
U.S. stocks roared higher Thursday, with the Dow up for a third straight day, despite a report from the Labor Department that showed unemployment claims soared to a record 3.28 million last week, as the coronavirus pandemic shut down businesses across the nation.
- GuruFocus.com
6 Restaurants Trading With Low Price-Earnings Ratios
Cheesecake Factory on the list Continue reading...
- American City Business Journals
Cheesecake Factory notifies landlord it won't be paying April rent for South Side location
Publicly traded national restaurant chain with major anchor clout is signaling to landlords in Pittsburgh and nationwide that it won't be able to pay April rent.
- Yahoo Finance
Cheesecake Factory, Subway, other major retailers tell landlords they can’t pay April rent due to coronavirus
Many major retailers say they can’t pay rent for the month of April — and they are asking their landlords for deferrals.
- Barrons.com
The Dow Is Dropping Ahead of Jobs-Market Data
Stocks are lower as Wall Street prepares for the release of weekly data on claims for unemployment benefits. This week’s tally is expected to be record-breaking.
- Barrons.com
Cheesecake Factory Tells Landlords It Won’t Pay April Rent After Loss of Income
Cheesecake Factory said 27 of its 294 North American restaurants are temporarily closed because of the coronavirus pandemic. The rest have been providing delivery and takeout in “off-premises” service.
- Benzinga
6 Fast Food Deals And 5 Home Cooking Inspirations
The restaurant industry remains open and willing to feed the nation and provide a lift amid the COVID-19 pandemic. Here is a list of some hand-picked restaurants offering a good deal for a much-needed break from the same mundane home-cooked meal.Fast Food Deals * Jack in the Box Inc. (NASDAQ: JACK) is offering 25% off all orders placed through the app. * Darden Restaurants, Inc.'s (NYSE: DRI) Olive Garden is offering a buy-one-get-one free offer. The deal consists of one freshly made entree and a free packaged and chilled second meal. * Yum! Brands, Inc.'s (NYSE: YUM) KFC is bringing back its 2 For $6 Mix 'N' Match Deal. * Buffalo Wild Wings is offering a buy-one-get-one free wings offer on Tuesday and Thursdays for delivery or takeout. * Restaurant Brands International Inc's (NYSE: QSR) Burger King is offering two free kids meals with any purchase through the BK app. * Cheesecake Factory Inc (NASDAQ: CAKE) is offering a free slice of cake on all orders of more than $30.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Home Cooking Inspiration Novice and clueless home cooks can just as easily prepare a fantastic meal with items already in their pantries. All that's needed is an hour or two of research, and thanks to YouTube, this has never been easier.Here is a small list of recent cooking videos I came across that are suitable for those with close to zero kitchen skills. Teaser: one recipe involves combined packaged Mac and Cheese combined with canned chili. * Sam The Cooking Guy's "Quarantine (Lockdown) Munchies." * Adam Ragusea's "Pancakes 101." * Serious Eats' "How to Make Hummus." * Ken Panagopoulos' "What's In My Pantry Chicken Bake." * Michael Symon's "Protein and Pick-A-Bean."See more from Benzinga * Taco Bell's 'Fast Social' Restaurants, Explained * Is Pizza Hut In Worse Shape Than Thought? * How KFC Could Save Sister Brand Pizza Hut(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Zacks
Will Higher Promotional Activity Bolster RH's Q4 Earnings?
While macroeconomic/geopolitical concerns may have persisted, cost-saving initiatives, improved margin & strong pricing are likely to have helped RH to generate higher fiscal Q4 earnings.
- Business Wire
The Cheesecake Factory Provides Business Update
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today provided a business update related to the impact of COVID-19.
- Zacks
Why Is Cheesecake Factory (CAKE) Down 51.5% Since Last Earnings Report?
Cheesecake Factory (CAKE) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Zacks
Implied Volatility Surging for Cheesecake Factory (CAKE) Stock Options
Investors need to pay close attention to Cheesecake Factory (CAKE) stock based on the movements in the options market lately.
- Simply Wall St.
The Cheesecake Factory Incorporated (NASDAQ:CAKE)'s Could Be A Buy For Its Upcoming Dividend
It looks like The Cheesecake Factory Incorporated (NASDAQ:CAKE) is about to go ex-dividend in the next 4 days...
- Thomson Reuters StreetEvents
Edited Transcript of CAKE earnings conference call or presentation 19-Feb-20 10:00pm GMT
Q4 2019 Cheesecake Factory Inc Earnings Call
- Business Wire
The Cheesecake Factory and DoorDash Offer Free* Slices of Cheesecake With Weekday Lunch Orders
The Cheesecake Factory® (NASDAQ:CAKE) is teaming up with its exclusive delivery provider, DoorDash, to offer free slices of cheesecake at lunch. Monday through Friday, beginning today through March 25, guests will be treated to one slice of any of The Cheesecake Factory’s more than 30 legendary flavors of cheesecake with their Cheesecake Factory lunch delivery or pickup order of $15 or more through DoorDash by using promo code "LUNCHSLICE" at checkout*.
