Cheesecake Factory Inc. shares were down 5 percent in aftermarket trading Wednesday after the restaurant chain reported second quarter revenue that was lower than analysts expected.

After the markets closed, the Calabasas operator of 165 upscale casual restaurants reported net income of more than $24.7 million (42 cents per share), compared with $19.2 million (32 cents) a year ago.

Revenue rose 2.8 percent to less than $431 million. Comparable restaurant sales at Cheesecake Factory locations grew 2.3 percent, but were flat at its smaller Grand Lux Café chain.

Analysts surveyed by Thomson Reuters had expected the company to report per-share profit of 42 cents on revenue of more than $434 million.

“In spite of the high food cost inflation environment, we are managing expenses well, offsetting cost pressures to deliver solid earnings growth,” Chief Executive David Overton said in a statement. “Our operators are doing an outstanding job of running our restaurants efficiently and productively.”

Shares earlier closed down 92 cents, or 2.7 percent, to $32.60 on the Nasdaq, and fell another 5 percent in after-hours trading.