The Cheesecake Factory (Calabasas Hills, Calif.) says it plans to open as many as 22 new restaurants this year, including five or six of its flagship brand. The company included those numbers in reporting financial results for its first quarter of fiscal 2023.
During that period, the restauranteur opened two new The Cheesecake Factory restaurants, along with single units from two of its FRC unit: Doughbird and Flower Child.
During the full fiscal year, the company expects to open as many as 20 to 22 new restaurants, including as many as six The Cheesecake Factory restaurants, five or six North Italia restaurants, and as many as 10 by its FRC unit, including three or four Flower Child locations.
In addition, in fiscal 2023 the company expects two to three The Cheesecake Factory restaurants to open internationally under licensing agreements.
As for financial results for its latest quarter, the company reported total revenues were $866.1 million in the first quarter of fiscal 2023, up from $793.7 million a year earlier, and comparable restaurant sales at The Cheesecake Factory restaurants increased 5.7 percent year-over-year.
“We delivered a solid start to the year with revenue finishing in-line with our expectations and adjusted net income margin at the high end of our guidance range,” said David Overton, Chairman and CEO. “Consolidated revenue increased 9.1 percent over the prior year period, driven by sustained healthy consumer demand including strong contributions from the off-premise channel.
“Our strategy continues to be guided by our longstanding commitment to deliver distinct, high-quality dining experiences and exceptional hospitality, the hallmarks of our success that have positioned us as a leader in casual dining for over 45 years.”
The company currently owns and operates 318 restaurants throughout the U.S. and Canada under The Cheesecake Factory and North Italia brands, along with and a collection from its FRC business. Internationally, it has 30 The Cheesecake Factoryrestaurants operating under licensing agreements.