The Cheesecake Factory Incorporated (NASDAQ:CAKE) Q1 2024 Earnings Call Transcript

Brian Bittner: And just on this flattish underlying traffic trend that you’re speaking to, obviously, that’s way better than the industry data. And this quarter your same-store sales were in line while many are missing. And I guess it just begs the question, what do you think is setting you apart from your peers? Is it simply your lack of exposure to that maybe lowering consumer, because obviously, as you know, most management teams are citing the low-end consumers. Is it just — is your portfolio position such where that doesn’t affect you as much or how would you unpack why you’re driving such outperformance on the traffic?

Matt Clark: Well, Brian, just an opinion and David Gordon touched on it earlier when he was talking about the environments that we’ve seen in 50 years come and go with advertising and consumers or whatnot. And I think the reality is that if you execute really well with a really great product, people are going to pick you over your competitor. And so that’s what you tend to see as a flight to quality, right? So if you’re going out maybe a little bit less but you’re going to want that to be a really great experience. And so, I think that’s what we deliver and I think that’s the big difference.

Operator: There are no further questions at this time. This will conclude today’s conference call. Thank you all for your participation. You may now disconnect.