Less than one month after the Cheesecake Factory opened its downtown restaurant in the D.C., it has outperformed the average for weekly sales for the chain’s restaurants, even at tighter capacity restrictions than others.
The D.C. Cheesecake Factory opened March 30 in the historic Woodward Building at 1426 H St. NW, near the McPherson Square Metro, taking over space previously occupied by the restaurant Woodward Table, which closed last summer after seven years.
“On the development front, during the first quarter The Cheesecake Factory opened in Washington, D.C., just down the street from the White House. The local response has been incredible,” said David Overton, chief executive and Cheesecake Factory founder, during an earnings conference call with investors April 28.
“Opening week sales exceeded $230,000 and that was just 25% indoor dining capacity,” he said.
Average weekly sales at its more than 290 restaurants quarter-to-date this year is $222,500, according to President David Gordon, on the same conference call. Most of its other restaurants are now operating at approximately 60% capacity.
The Cheesecake Factory, based in Calabasas, California, reported first quarter revenue of $627.4 million, about 2% higher than the first quarter of last year, topping analyst estimates. Its stock (ticker symbol “CAKE”) rose to a four-year high Thursday.
The new D.C. Cheesecake Factory is among its larger restaurants, at 10,000 square feet with an outdoor patio.
The new staff of 300 had plenty of homework to do before opening day. The Cheesecake Factory menu is more than 20 pages long with more than 250 selections, all made from scratch, including 85 different chicken dishes. There are more than 50 versions of cheesecake and other desserts.
The Cheesecake Factory has a second location in the District, in Friendship Heights, one in Bethesda, Maryland, and five in Northern Virginia. Its first restaurant opened in Beverly Hills, California in 1978.
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