April 18, 2005

Chain Update

IHOP and The Cheesecake Factory are among the chain restaurants that announced significant financial or operational news in recent days.

O’Charley’s Inc. named Steven Hislop president of its 226-unit concept that operates under the same name. Hislop previously served as the company’s president and chief operating officer. The firm has no immediate plans to fill his previous positions.

IHOP Corp. announced that its same-store sales for the first quarter increased by 0.61% vs. the same period a year earlier. The firm will release its complete earnings report for the quarter on April 28.

Cosi announced that its revenue for the quarter that closed on April 4 reached $27.2 million, up from $24.9 million from the quarter that ended on May 29, 2004. The firm’s first-quarter same-store sales increased by about 9.4% vs. the year-ago period.

The Cheesecake Factory reported first-quarter revenue of $268.2 million, up by 22% from the year-ago period. Restaurant revenues accounted for $254.8 million of that figure, while bakery sales to other foodservice operators were $13.4 million. Same-store sales for the quarter grew by 3.4%.

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