起司工坊 2024年度报告

To Our Shareholders, I am pleased to share that 2024 was a standout year for The Cheesecake Factory, building on the consistent, dependablefinancial and operational performance that has long defined who we are. Our achievements this year are a testament to theincredible people who bring our restaurants to life every day—especially our team members, whose dedication and passionfor creating memorable guest experiences continues to set us apart.Their commitment inspires everything we do, and it’swhat allows our high-quality concepts to thrive in an increasingly competitive landscape. Thanks to their hard work andour focus on operational excellence and disciplined growth, we delivered record annual revenue, expanded profitability,and opened more new restaurants in a single year than ever before in our company’s history. Throughout the year we leveraged our core strengths—menu innovation and operational excellence—to consistentlydeliver exceptional food quality, outstanding service, and hospitality to drive growth. The Cheesecake Factory restaurantsled our performance, with comparable sales and traffic once again outperforming the broader casual dining industry,underscoring the strong consumer demand for our brand and our ability to capture market share. Our nearly 48,000 staff members are the foundation of our company, and their commitment and expertise are fundamentalto our success. We are proud to have been recognized for the 12thconsecutive year on Fortune Magazine’s “100 BestCompanies to Work For” list and named to the PEOPLE Companies that Care® list for the fourth year in a row. Theseaccolades highlight our longstanding commitment to fostering a workplace culture that values and invests in our people.Our best-in-class training and development programs continue to drive record-high staff engagement and industry-leadingretention rates. Our ability to attract, train, and retain top talent remains a key competitive advantage, enabling us toconsistently deliver exceptional dining experiences. As an employer of choice in the industry, we believe our strongworkplace culture and ongoing investment in our teams uniquely position us for future success. We achieved record annual revenue of $3.6 billion in 2024, driven by positive comparable sales growth and a total of 23new restaurant openings across our portfolio. This performance reflects the strength of our distinct concepts, with year-over-year sales increasing 3% at The Cheesecake Factory restaurants, 16% at North Italia, 14% at Flower Child, and 14%at FRC. Our industry-leading annual unit volumes at The Cheesecake Factory reached $12.3 million, supported byincremental sales from our Cheesecake Rewards® program and solid contributions from the off-premise channel, whichaccounted for 21% of total sales in 2024. Profitability also expanded meaningfully, with notable restaurant-level marginimprovement at The Cheesecake Factory, North Italia, and Flower Child contributing to a 28% year-over-year increase inadjusted earnings per share to $3.44. Our strong financial position and disciplined execution have enabled us to generate significant cash flow while continuingto invest in future growth. In 2024, we generated EBITDA of $283 million and adjusted EBITDA of $329 million,supporting new unit development while returning over $70 million to shareholders through dividends and stockrepurchases. With a strengthened balance sheet, enhanced liquidity, and sustained cash flow generation, we believe we arewell-positioned to support our long-term growth objectives as well as our capital shareholder return programs. In 2025, we are planning to open as many as 25 new restaurants, including three to four The Cheesecake Factoryrestaurants, six to seven North Italia restaurants, six to seven Flower Child locations and eight to nine FRC restaurants.Additionally, we expect to open as many as two international locations under licensing agreements. Our developmentpipeline remains robust, and we are confident in our ability to execute our long-term growth strategy while maintainingthe strong unit economics that define our concepts. Looking ahead, we are committed to building on our momentum to help drive improved performance and long-term valuecreation. With a track record of consistent operational and financial results, we believe we are well-positioned to executeour strategy and further strengthen our competitive position. Our focus remains on our key priorities—increasing comparable restaurant sales, expanding margins, and accelerating new unit development across our portfolio. Byleveraging our differentiated brands, operational expertise, and financial strength, we are confident in our ability to drivetowards profitable growth, capture market share, and maximize shareholder value. Our commitment to deliveringexceptional food quality, service, and hospitality—the hallmarks of our success—remains unwavering, and we believe ourscale, best-in-class operators, and disciplined app