News | March 8, 2022

The Cheesecake Factory Incorporated Accelerates And Expands Cage-Free Egg Commitment

CALABASAS HILLS, CALIF.--(BUSINESS WIRE)--

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced that it is working to accelerate its bakery operations' transition to cage-free eggs to the end of 2022, three years ahead of schedule. As part of The Cheesecake Factory's broader commitment to sustainable sourcing, in 2020 the company achieved its stated goal of transitioning all eggs used in its U.S. and Canadian restaurant operations to cage-free.

Once the bakery's conversion is complete, 100% of eggs in the company’s baked goods (which account for the majority of its egg usage) worldwide will come from cage-free hens. Beyond its baked goods, The Cheesecake Factory® is also working with its international licensees to transition all eggs used in their restaurant operations to cage-free and is currently discussing a plan and timeline for reaching that goal by or before 2030.

“The welfare of all animals throughout our supply chain is critically important to us,” said Megan Bloomer, Vice President of Sustainability of The Cheesecake Factory Incorporated. "The transition to cage-free eggs was a key component of our larger commitment to animal welfare through the adoption of the Five Freedoms and our Sustainable Sourcing Policy."

“We applaud The Cheesecake Factory for being one of the first restaurant companies to transition to cage-free eggs across its restaurant operations and for the company's efforts to accelerate the use of cage-free eggs in its bakery facilities,” said Matthew Prescott, Senior Director of Food and Agriculture for the Humane Society of the United States. "This achievement shows The Cheesecake Factory’s continued commitment to bettering animal welfare."

For further information on The Cheesecake Factory's animal welfare commitments and other CSR efforts, please visit https://www.thecheesecakefactory.com/corporate-social-responsibility/ to review the company's 2020 and 2021 Corporate Social Responsibility Reports.

About The Cheesecake Factory Incorporated

The Cheesecake Factory is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 306 restaurants throughout the United States and Canada under brands including The Cheesecake Factory, North Italia® and a collection within our Fox Restaurant Concepts business. Internationally, 29 The Cheesecake Factory restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2021, we were named to the FORTUNE Magazine "100 Best Companies to Work For®" list for the eighth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.

From FORTUNE. ©2021 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

About the Humane Society of the United States

Founded in 1954, the Humane Society of the United States fights the big fights to end suffering for all animals. Together with millions of supporters, we take on puppy mills, factory farms, trophy hunts, animal testing and other cruel industries. With our affiliates, we rescue and care for tens of thousands of animals every year through our animal rescue team’s work and other hands-on animal care services. We fight all forms of animal cruelty to achieve the vision behind our name: A humane society.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the company’s bakery operations’ transition to cage-free eggs by the end of 2022, the company’s work with its international licensees to transition all eggs used in their restaurant operations to cage-free and a plan and timeline for reaching that goal by or before 2030, and the company's Corporate Social Responsibility Reports. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: the rapidly evolving nature of the COVID-19 outbreak and related containment measures, including the potential for a complete shutdown of the company’s restaurants, international licensee restaurants and the company’s bakery operations; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the company’s restaurants and potential reputational damage to the company or any of its brands; economic, public health and political conditions that impact consumer confidence and spending, including the impact of COVID-19 and other health epidemics or pandemics on the global economy; acceptance and success of The Cheesecake Factory in domestic and international markets; acceptance and success of North Italia and the Fox Restaurant Concepts restaurants; the risks of doing business abroad through company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting the company’s business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off- and on-premise dining; increases in minimum wages and benefit costs, including the cost of group medical insurance; the economic health of the company’s landlords and other tenants in retail centers in which its restaurants are located, and the company’s ability to successfully manage its lease arrangements with landlords; unanticipated costs that may arise in connection with a return to normal course of business, including potential negative impacts from furlough actions; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the company; the timing of new unit development; compliance with debt covenants; strategic capital allocation decisions including any share repurchases or dividends; the ability to achieve projected financial results; economic and political conditions that impact consumer confidence and spending; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of tax reform legislation; adverse weather conditions in regions in which the company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.


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