Interior of Cheesecake Factory in Woodland Hills.
Cheesecake Factory missed Wall Street estimates for its fourth quarter earnings and revenue despite bouncing back nicely since the coronavirus routed its sales and stock price last spring.
The Calabasas restaurant operator on Wednesday reported an adjusted net loss of $17 million (-85 cents a share) for the quarter ended Dec. 29, down from net income of $26 million ($1.10 a share) for the same period in 2019. Revenue was $555 million, down from $694 million in the fourth quarter last year.
Analysts expected a loss of 14 cents a share on revenue of $597 million, according to Seeking Alpha.
Chief Executive David Overton said in a statement that fourth-quarter sales started off strong despite mandated capacity restrictions.
Cheesecake Factory Slips on Earnings, Revenue | San Fernando Valley Business Journal
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Print-on-demand service Printful has found new digs in the Santa Clarita Valley.
The Charlotte, N.C.-based company is relocating its California fulfillment center from Chatsworth to Valencia, where it has signed a deal to occupy 93,000 square feet – triple the size of the Chatsworth facility. Financial terms of the lease were not disclosed.
The company said in a statement it is moving to a larger location “to scale production capacity.”
To accommodate increased demand, Printful said it plans on investing $10 million in additional direct-to-garment printers and equipment for embroidery and poster publishing at the Valencia facility.
The move, which is expected to create 100 new jobs and double the size of Printful’s California team, will be executed in the third quarter. The Valencia space must be renovated before fulfillment can begin. The company said it hopes for the center to be fully operational before the Black Friday and Cyber Monday shopping holidays in November.
Two local nonprofits have added to their leadership ranks.
The Conrad N. Hilton Foundation announced Beth deHamel has been appointed chief financial officer and vice president of operations. She’ll run the Westlake Village grantmaking organization’s financial, information technology and facilities operations effective Feb. 15.
DeHamel is the former interim Chief Executive at nonprofit Mercy Corps in Portland, Ore., a post she held for more than a year following the resignation of the previous chief executive.
Hilton Foundation Chief Executive Peter Laugharn said in a statement that deHamel’s decades of experience in the financial and nonprofit sectors give her a unique perspective.
Velocity Financial Inc. has fresh money to make new mortgage loans.
The Westlake Village mortgage lender announced it has entered a $200 million warehouse facility with Barclays Bank to finance new loan originations. The facility is non-mark-to-market, which means its terms don’t adjust with market interest rates.
Velocity also entered a $175 million, five-year term loan with a syndicate of lenders including funds managed by Blackrock’s U.S. Private Capital group, Oaktree Capital Management and UBS O’Connor. That facility has an initial fund of $125 million with another $50 million available as a delayed draw. It will be used for new loan originations as well as debt refinancing.
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