Cheesecake profit increases 1.1%
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Casual dining restaurant operator Cheesecake Factory Inc. said net income for the second quarter edged up 1.1% as a big jump in revenue was offset by rising costs.
Profit for the quarter rose to $23.7 million, or 33 cents a share, from $23.5 million, or 30 cents, a year earlier. Revenue jumped nearly 16% to $373.2 million.
Analysts polled by Thomson Financial expected earnings of 31 cents a share on revenue of $372 million.
Shares of the Calabasas Hills-based company rose to $25.25 in extended trading after closing at $24.60.
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