The Cheesecake Factory posted a 1.5 per cent year-on-year increase in comparable restaurant sales for the second quarter, which ended on July 4.

Total revenues were $866.2 million compared to $832.6 million in the second quarter of FY22, while net income and diluted net income per share were $42.7 million and $0.87, respectively.

The company opened three new restaurants – two in the Miami area and one in Tucson, Arizona. It expects to establish 20 locations in the US and two to three international restaurants under licensing agreements in FY23.

“I am pleased to report our second quarter results marked the third consecutive quarter of sequential profit margin expansion, finishing above our expectations, reflecting continued progress against our stated goal of recapturing our margins,” said David Overton, chairman and CEO of The Cheesecake Factory.

“We delivered another quarter of comparable sales growth across our portfolio of concepts, with comparable sales at The Cheesecake Factory restaurants continuing to outpace the industry relative to 2019.”

Founded in 1972, The Cheesecake Factory currently owns and operates 321 restaurants throughout the US and Canada under brands including The Cheesecake Factory and North Italia. The company also operates 30 restaurants internationally under licensing agreements.