big number
Nearly 91%. That’s how much Cheesecake Factory’s stock has grown this year, almost doubling in value after opening the year at just over $52. Its market value has also swelled to nearly $5 billion, a record and a more than 500% turnaround since falling below $1 billion in 2020.
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key background
The Cheesecake Factory, which began as a bakery in 1972 before Overton opened the first restaurant in 1978, has expanded to 375 locations across the U.S. and Canada. Unlike other restaurant chains that have relied on higher prices to counteract declining customer traffic, Cheesecake Factory has reported steady traffic growth. Overton noted in the latest earnings report that its traffic was “meaningfully outperforming the broader casual dining industry.” The firm has also expanded to other brands following its acquisition of Fox Restaurant Concepts, including Flower Child and North Italia, among others.
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further reading
Cheesecake Factory Reports Higher Profit, Sales (Wall Street Journal)