Cheesecake Factory Tops 2Q Profit Forecasts

CALABASAS HILLS (AP) — The Cheesecake Factory Inc. (CAKE) on Wednesday reported second-quarter earnings of $34.7 million.

The Calabasas Hills, California-based company said it had net income of 69 cents per share.

The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.

The restaurant chain posted revenue of $529.1 million in the period, which missed Street forecasts. Twelve analysts surveyed by Zacks expected $530.7 million.

Cheesecake Factory shares have increased nearly 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.12, a climb of 20 percent in the last 12 months.

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