The Cheesecake Factory: reports results for Q1/2010

Calabas Hills / CA. (cf) The Cheesecake Factory reported financial results for the first quarter of fiscal 2010, which ended on March 30, 2010. Total revenues were 405,4 million USD in the first quarter of fiscal 2010 as compared to 392,8 million USD in the prior year first quarter. Net income and diluted net income per share were 18,7 million USD and 0,31 USD, respectively. Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 2,8 percent in the first quarter of fiscal 2010 from the first quarter of the prior year. By concept, comparable restaurant sales increased 2,7 percent and 4,0 percent at The Cheesecake Factory and Grand Lux Cafe, respectively, in the first quarter of fiscal 2010 from the first quarter of the prior year. «We are pleased to report positive comparable restaurant sales for the first quarter at both our namesake concept, as well as Grand Lux Cafe», said David Overton, Chairman and CEO. «A continued improvement in guest traffic levels at our restaurants was the basis for the increase in comparable sales, similar to what we experienced throughout most of last year. Guest traffic improved significantly from fourth quarter levels, and we believe that as consumers become more comfortable with discretionary spending, they are returning to their favourite restaurants first».