The Cheesecake Factory enjoyed a sweeter third quarter as it swung to a net income on the back of higher restaurant sales.

The company booked a net income of $17.9 million in the three months to October 3 as revenue increased 5.9 per cent to $830.2 million.

Sales at The Cheesecake Factory restaurants and North Italia restaurants increased 2.4 per cent and 8 per cent, respectively.

“During the quarter, we opened two Cheesecake Factory restaurants to strong demand, further underscoring the enduring appeal and brand affinity for our flagship concept,” said David Overton, chairman and CEO.

“As the macroeconomic environment has gradually stabilized and input costs have continued to improve this year, the stability of our operational and financial performance reinforces our belief we are well positioned to drive meaningful growth, shareholder value and market share gains going forward.”

The company expects to open 16 new restaurants in FY23 and four to six new restaurants in the first quarter of FY24.

In addition, the company expects two Cheesecake Factory restaurants to open internationally under licensing agreements in FY23.

In the first nine months of the year, net income surged 91 per cent to $88.7 million while revenue soared 6.3 per cent to $2.6 billion.