YUMC - Cheesecake Factory Q1 Earnings Beat Estimates Rise Y/Y | Benzinga
The Cheesecake Factory Incorporated (NASDAQ: CAKE) reported impressive first-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased from the prior-year quarter's figure.
Earnings & Revenue Discussion
In the quarter under review, the company reported adjusted earnings per share of 73 cents, beating the Zacks Consensus Estimate of 63 cents by 15.9%. In the year-ago period, the company reported adjusted EPS of 61 cents.
Quarterly revenues of $891.2 million beat the consensus estimate of $888 million by 0.3%. The top line increased 2.9% on a year-over-year basis. The upside was backed by strong consumer demand and traffic.
The Cheesecake Factory Incorporated Price, Consensus and EPS Surprise
The Cheesecake Factory Incorporated price-consensus-eps-surprise-chart | The Cheesecake Factory Incorporated Quote
Q1 Comps
In the reported quarter, comps at Cheesecake Factory restaurants dropped 0.6% year over year against growth of 5.7% reported in the prior-year quarter. We projected comps to decline 0.4% year over year.
North Italia comps rose 3% year over year compared with 9% growth reported in the year-ago quarter. Our model suggested the metric to rise 0.7% year over year.
Costs in Detail
The cost of food and beverage, as a percentage of revenues, declined 100 basis points (bps) year over year to 22.8% in the fiscal first quarter.
Labor expenses, as a percentage of total revenues, amounted to 36%, flat year over year. We expected the metric to be 36.2% of revenues in the quarter.
Other operating costs, ...