Calabas Hills / CA. (cf) The Cheesecake Factory reported financial results for the fourth quarter of fiscal 2011, which ended on January 03, 2012. Total revenues were 477,7 million USD in the fourth quarter of fiscal 2011 as compared to 416,7 million USD in the prior year fourth quarter (14 weeks versus 13 weeks). The additional week in the fourth quarter of fiscal 2011 contributed approximately 43 million USD of sales. Net income and diluted net income per share were 29,9 million USD and 0,54 USD, respectively.
In compliance with accounting rules, the Company recorded a pre-tax, non-cash charge of 1,5 million USD related to the impairment of three restaurants during the fourth quarter of fiscal 2011. In addition, the Company recorded a pre-tax benefit of 0,7 million USD and a reduction to its income tax provision of 1,1 million USD, both related to a partial settlement with the Internal Revenue Service. On a combined basis, the items above increased diluted net income per share by approximately 0,01 USD. Excluding these items, net income was 29,4 million USD and diluted net income per share was 0,53 USD.
Operating Results
Comparable restaurant sales at The Cheesecake Factory and Grand Lux Cafe increased 2,7 percent in the fourth quarter of fiscal 2011 (14 weeks versus 14 weeks). By concept, comparable restaurant sales grew 2,7 percent at the Cheesecake Factory and 1,9 percent at Grand Lux Cafe.
«We delivered our best comparable sales and highest guest traffic levels of the year, driving 36 percent earnings per share growth. The Cheesecake Factory offers the strongest, most consistent guest experience in the industry – and our numbers confirm it. We have always been an operating company, and over the past few years, our level of excellence in food, service and overall execution has become even better, further separating our concept from others in the industry. This places us in an extremely strong competitive position», said David Overton, Chairman and CEO.
«Continued focus on an exceptional guest experience will be a key to extending our market share, and we expect that 2012 will represent our third consecutive year of comparable sales and guest traffic growth. This year also marks the beginning of our global expansion, which will be an important component to our future earnings potential, adding to our confidence that mid-teens earnings per share growth is a realistic and achievable goal going forward», concluded Overton.
Development
The Company now expects it will open as many as seven to eight new restaurants in the U.S. in fiscal 2012. In addition, the Company expects that as many as three restaurants in the Middle East will open this year under a license agreement.
Capital Allocation
During the fourth quarter of fiscal 2011, the Company repurchased 973’243 shares of its common stock at a cost of approximately 27 million USD. For the full year of fiscal 2011, the Company repurchased 5’992’024 shares, returning approximately 172 million USD in cash to shareholders, exceeding its plan for the year.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Chipotle: Announces Third Quarter 2024 Results
- Kesko Group: Announces 9M-2024 Financial Results
- P.E. Company Acquires Double B Foods Inc.
- Bühler: Grain Innovation Center opens its doors in Uzwil
- Orkla ASA: reports strong profit improvement in Q3-2024
- Apetit PLC: announces 9M-2024 financial results
- Cloetta AB: announces Q3-2024 interim report
- Axfood AB: Reports Q3-2024 Financial Results
- Fodelia Group: 2024 Time of good growth and development
- Paulig Group: starts new salsas production in Estonia
- Smucker Company: sells »Voortman« to CapVest Partners
- EPP partners with Jufeba to deliver doughnut frying solutions
- Lantmännen Group Divests Scandbio
- Albertsons Companies: Reports Q2 Fiscal 2024 Results
- Axfood AB: Acquisition of City Gross now approved
- Sweden: Lantmännen establish Biogas AB
- Apetit PLC: H1-2024 result exceeded comparison period
- DPC Dash: Continues to Unleash Massive Market Potential
- Ferraro Foods: Acquires Botticelli Food Service
- One Rock Capital completes investment in Lewis Bakeries