In advance of its presentation today at the Cowen and Company 9th Annual Consumer Conference, The Cheesecake Factory Incorporated (NASDAQ: CAKE) announced preliminary, unaudited revenues and comparable restaurant sales for the fourth quarter of fiscal 2010, which ended on December 28, 2010.
Total unaudited revenues were approximately $417 million in the fourth quarter of fiscal 2010 as compared to $401 million in the prior year fourth quarter.
Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 0.9% in the fourth quarter of fiscal 2010 from the fourth quarter of the prior year. Comparable restaurant sales were adversely impacted primarily by inclement weather, as well as a holiday shift. Absent these factors, comparable restaurants sales increased 2.1% in the fourth quarter of fiscal 2010 from the same period a year ago.
By concept, comparable restaurant sales increased 1.0% at The Cheesecake Factory and decreased 0.4% at Grand Lux Cafe in the fourth quarter of fiscal 2010 from the fourth quarter of the previous year.
“We delivered our fourth consecutive quarter of growing guest traffic and positive comparable sales, and ended 2010 with a full year comparable sales increase of 2.0%. Our consistently strong performance throughout the year reflects our building market share and solid strategic and operational execution,” said David Overton, Chairman and CEO. “As we begin the New Year, we remain comfortable with our expectations for 2011, the planned expansion of our brands and our ability to continue to grow shareholder value in 2011 and beyond.”
The Company expects to announce final results for the fourth quarter of fiscal 2010 on February 10, 2011.