Cheesecake Factory (NASDAQ:CAKE) reported Q2 EPS of $0.52, $0.26 worse than the analyst estimate of $0.78. Revenue for the quarter came in at $832.6 million versus the consensus estimate of $839.44 million.
Development
The Company now expects to open as many as 15 new restaurants in fiscal 2022, including as many as four Cheesecake Factory restaurants, four North Italia restaurants, and as many as seven FRC restaurants, including three Flower Child locations. This includes the opening of the first brick and mortar location of Fly Bye, FRC’s newest fast casual dining concept offering Detroit-style pizza and crispy chicken, which opened subsequent to second quarter-end in Phoenix, AZ.
In addition, in fiscal 2022 the Company expects one Cheesecake Factory restaurant to open internationally under a licensing agreement.