The Cheesecake Factory (CAKE) has reinstated its quarterly dividend at a lower rate of 27 cents per share in 2022. On May 5, 2020, CAKE announced that our Board of Directors has suspended quarterly dividend payments on our common stock, in order to preserve liquidity during the COVID-19 crisis. In 2019 CAKE last hiked its quarterly dividend by 9.1 percent to $0.36 per share, marking the 7th consecutive year of dividend increases by the casual dining and bakery company.

CAKE announced  that its Board of Directors declared a quarterly dividend of $0.27 per share to be paid on May 24, 2022 to shareholders of record at the close of business on May 11, 2022, and also reinstated the share repurchase program. A new annual dividend rate of $1.08 per share for CAKE yields 3.0% at $33.80.

Our sales trends across our brands continued to be strong during the first quarter, and this trend has sustained into the second quarter to date. Our restaurants remain competitively well positioned and we are clearly capturing market share as evidenced by our continued outperformance of the broader casual dining industry.” said David Overton, Chairman and Chief Executive Officer. “Given the sales strength and our confidence in the cash generation ability of our business, we are paying a quarterly dividend and reinstated our share repurchase program.”

The Cheesecake Factory Incorporated is engaged in the restaurant and bakery business. The Company, through its subsidiaries, owns and operates full-service, casual dining restaurants throughout the U.S.A. and Puerto Rico. The company’s bakery division operates two bakery production facilities, in Calabasas Hills, CA and Rocky Mount, NC, that produce cheesecakes and other baked products for its restaurants, international licensees and third-party bakery customers. The Cheesecake Factory had paid quarterly dividends to shareholders since 2012 before the suspension in 2020.