The U.S.'s 'frugal consumer' era will lead to many casualties in the restaurant chain sector, but The Cheesecake Factory Incorporated (NASDAQ: CAKE) won't be one, which is why I'm reiterating my Buy rating for CAKE, first recommended on June 25, 2009 at a price of $16.30. Don't expect anything spectacular from CAKE in FY2009 -- flattish to slightly higher same store sales, and only a slight increase in revenue, with most likely a net zero increase in restaurants operated. The aforementioned doesn't sound like much, but at the retail/restaurant chain end of the commerce spectrum, survival is the name of the game under these economic conditions, and Cheesecake Factory will.
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