The Cheesecake Factory Takes a 46% Comparable Store Sales Hit in March
With the U.S. economy reeling in March from shutdowns, quarantines, and other disruptions originating with the COVID-19 epidemic, The Cheesecake Factory (NASDAQ: CAKE) saw its restaurant comparable store sales crash by 46% during the month. The event interrupted a moderately positive trend and should put quarterly comparable store sales overall into negative territory, down approximately 13%.
The information comes shortly after The Cheesecake Factory furloughed 41,000 of its hourly workers for an indefinite period. It also stated that it won't pay its April rent, and that its CEO, executives, and corporate workforce will all take a temporary pay cut during the crisis.
Image source: Getty Images.
Source Fool.com
