The Cheesecake Factory (NASDAQ:CAKE) reported quarterly earnings last night that's were quite impressive, but the preliminary guidance for 2014 left much to be desired. I wanted to provide an update on the story so investors could get a better idea of what's going on with the company. Overall, the performance for the quarter was much better than the competition, and really displayed the strong execution by management and strength of the brand, but the valuation combined with weak guidance for 2014 leaves me on the sidelines.
Impressive Comp Performance
The company had its 15th consecutive quarter of positive same store sales. The comp was 0.8% in total, broken out as positive 1.0% at Cheesecake Factory and negative 2.6%...
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