UPDATE 1-Cheesecake Factory profit misses Wall Street estimate, shares fall
(Adds context, updates share price)
LOS ANGELES, July 24 (Reuters) - Cheesecake Factory Inc on Wednesday reported second-quarter profit that missed Wall Street expectations due to softer-than-expected sales at established restaurants, and its shares fell almost 6 percent.
The California-based chain known for its cheesecakes said second-quarter net income was $28.6 million, or 52 cents per share, compared with $28.4 million, or 52 cents per share, a year ago. McDonald's Corp, the world's biggest restaurant chain by sales, on Monday reported lower-than-expected profit for the quarter and forecast weakness for the remainder of the year.
Excluding relocation charges, Cheesecake Factory earned 54 cents per share in the latest quarter, 3 cents short of analysts' average estimate, as compiled by Thomson Reuters I/B/E/S.
Sales at restaurants open at least 18 months rose 0.9 percent at the Cheesecake Factory and crept up 0.1 percent at Grand Lux Cafe, its smaller chain.
Analysts polled by Consensus Metrix had expected a 1.8 percent sales gain at Cheesecake Factory and a 0.7 percent rise at Grand Lux Cafe.
Cheesecake Factory shares fell 5.6 percent, or $2.35, to $39.55 in after-market trading.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Matthew Lewis)