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 S&P 500 has gained 11.9%.
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