Drew North's questions to Cheesecake Factory Inc (CAKE) leadership • Q2 2025
Question
Drew North asked for perspective on labor retention levels compared to pre-pandemic benchmarks and the potential for future labor leverage. He also requested the Q2 comparable sales breakdown for The Cheesecake Factory and the pricing outlook for the second half of the year.
Answer
David Gordon, President, stated that both hourly and management retention levels are at or exceed historical pre-pandemic highs, which should continue to yield benefits in productivity and lower costs. Matthew Clark, Executive VP & CFO, provided the Q2 comp breakdown for Cheesecake Factory (approx. 4% price, -1.1% traffic, with the rest from mix) and noted that the back-half forecast reflects this stable trend.