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Cheesecake Factory Q1 profit climbs 22.9% YOY

The Cheesecake Factory Inc. said its normalized net income for the first quarter was 48 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS increased 27.1% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $24.5 million, a gain of 22.9% from $19.9 million in the first quarter ended April 1, 2014.

The normalized profit margin increased to 4.7% from 4.1% in the year-earlier period.

Total revenue grew 7.6% on an annual basis to $518.0 million from $481.4 million, and total operating expenses rose 6.4% from the prior-year period to $476.9 million from $448.2 million.

Reported net income increased 25.9% year over year to $28.6 million, or 56 cents per share, from $22.7 million, or 43 cents per share.