The Cheesecake Factory’s Q1 Results: EPS Above Forecasts, CEO Expects a “Strong Restart”
Though it saw its sales driven down steeply by the coronavirus pandemic like the rest of the restaurant industry, The Cheesecake Factory (NASDAQ: CAKE) managed to dish up sweeter than expected results in at least one key metric: earnings per share, or EPS. The company's first quarter 2020 results, published yesterday, show that its comparable restaurant sales fell by 12.9% year over year despite the strong start before the virus arrived.
Diluted EPS came in at $0.04 per share, beating the analyst consensus estimate reported by Zack's by a full $0.50. Analysts had expected the restaurant company to post losses of $0.46 per share. Nevertheless, though still positive, earnings showed the effects of COVID-19 when compared to first quarter 2019's $0.62 EPS. Its $615.11 million in revenues also topped predictions, though only marginally.
Image source: Getty Images.
Source Fool.com
