More consumers are being lured away from pricier eateries by fast food joints and a bevy of ready-made meals in their local grocers that need nothing more than a quick 20 minutes in the oven. And it's taking a big toll on higher-priced chains such as Cheesecake Factory (NASDAQ: CAKE).
CAKE has seen its fortunes slip along with the economy, and it's been a perfect storm of bad news for some time now.
First it was high food and gasoline prices that initially crushed the stock. Customers began worrying about filling their SUVs instead of dining out. At the same time, high input costs shrank restaurant margins.
CAKE has seen its fortunes slip along with the economy, and it's been a perfect storm of bad news for some time now.
First it was high food and gasoline prices that initially crushed the stock. Customers began worrying about filling their SUVs instead of dining out. At the same time, high input costs shrank restaurant margins.
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