The Cheesecake Factory surpassed $1 billion in quarterly revenues for the first time in its history. Total revenues for the second quarter ending June 30 were just over $1 billion, up from $955.8 million during the same period last year.
Growth in same-store sales
Revenue growth was primarily driven by a 2.7% increase in traffic. During the quarter, same-store sales grew 5.8% compared to the previous year.
Performance varied across the company's brands. Flower Child reported a 13% increase in same-store sales, while North Italia reported a 3% decline in same-store sales.
Net income for the quarter reached $68.4 million, or $1.41 per share. This compares to $54.8 million, or $1.18 per share, in the prior year. The company also opened four new restaurants, bringing its total to 375.
Our success remains rooted in the fundamentals that have defined us for decades.
Guest adoption exceeded our expectations.