Cheesecake Factory stock jumps after upbeat sales update
Shares of Cheesecake Factory Inc. rose 1.8% in premarket trading Wednesday, after the restaurant chain provided an upbeat sales update. The company said for the fiscal second-quarter through May 31 (the first quarter ended March 30), same-store sales rose 196% from a year ago, as one-third of sales was off-premise. The FactSet consensus for second-quarter same-store sales is 143.7%. The company said nearly all of its restaurants are operating with indoor dining, with an average indoor capacity of 70%. The stock has soared 54.4% year to date through Tuesday, while the SP 500 has gained 11.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Cheesecake Factory stock jumps after upbeat sales update
Shares of Cheesecake Factory Inc. rose 1.8% in premarket trading Wednesday, after the restaurant chain provided an upbeat sales update. The company said for the fiscal second-quarter through May 31 (the first quarter ended March 30), same-store sales rose 196% from a year ago, as one-third of sales was off-premise. The FactSet consensus for second-quarter same-store sales is 143.7%. The company said nearly all of its restaurants are operating with indoor dining, with an average indoor capacity of 70%. The stock has soared 54.4% year to date through Tuesday, while the SP 500 has gained 11.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.