By Ben Glickman Cheesecake Factory swung to a fourth-quarter profit as demand held up at its restaurants. The Calabasas Hills, Calif.-based restaurant chain.
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 sfvbj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sfvbj.com Daily Mail and Mail on Sunday newspapers.