Restaurant News:
After The Cheesecake Factory Inc. reported higher profit and sales for the first quarter, executives at the company shared positive signs they’ve seen in customer traffic and purchasing habits, but they remained cautious about the continuing impact of high unemployment.
Same-store sales at both of the company’s chains returned to positive territory for the first time since 2007, with a 2.7-percent increase at The Cheesecake Factory and a 4-percent jump at Grand Lux Cafe. Company officials said the sales improvement in the first quarter was primarily based on traffic increases.
“Guest traffic improved significantly from fourth quarter levels,†said David Overton, chairman and chief executive of The Cheesecake Factory Inc., “and we believe that, as consumers become more comfortable with discretionary spending, they are returning to their favorite restaurants first.”