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CIBC Reiterates 'Sector Outperform' on Cheesecake Factory


Cheesecake Factory (CAKE) says that its president has resigned. CIBC says Wall Street is disappointed about the restaurant chain's same-store sales report.

Analyst John Glass says President Jerry Deitchle is leaving CAKE to run a small restaurant concept. He believes Deitschle was running to a great opportunity, not away from CAKE. He notes that beside Deitschle, two other high level executives have left the company over the last few years. He says the continuation of strong performance during and after the departures suggest that CAKE has a management bench to proceed with business as usual.

Glass notes that the company's report that quarter-to-date first-quarter same-store sales were up around 5%, ahead of his model's 4%, but maybe short of some optimistic estimates on the Street. He maintains a sector outperform rating.


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