Net income improves at The Cheesecake Factory

• Comparable restaurant sales were up 1.7% for The Cheesecake Factory (NASDAQ:CAKE) in Q1. The mark easily topped the average in the casual dining category.
• Cost of sales fell 80 bps to 23.6% of total sales, while labor costs rose 50 bps to 33.5% of sales. Blended together with the other P&L items, Cheesecake Factory's net income rate ended up 60 bps to 6.1%.
• The company opened up one restaurant during the quarter. The total restaurant count was up 11 Y/Y to 188.
• Previously: The Cheesecake Factory beats by $0.07, misses on revenue (April 27)