Calabas Hills / CA. (cf) The Cheesecake Factory Incorporated reported financial results for the fourth quarter of fiscal 2019, which ended on December 31, 2019. Total revenues were USD 694.0 million in the fourth quarter of fiscal 2019 compared to USD 585.2 million in the fourth quarter of fiscal 2018. Net income and diluted net income per share were USD 48.7 million and USD 1.10, respectively, in the fourth quarter of fiscal 2019. The results in this release include the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC (FRC) in October 2019.
Bottom line results of the core business were within the Company’s guidance range and the impact from the acquisition to fourth quarter results was also within the range provided. Fourth quarter 2019 net income and diluted net income per share also reflect a gain on investment in unconsolidated affiliates as well as an impairment and lease termination charge. Excluding these and certain other items, adjusted net income and adjusted diluted net income per share for the fourth quarter of fiscal 2019 were USD 25.5 million and USD 0.58, respectively.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.6 percent in the fourth quarter of fiscal 2019.
«Comparable sales at The Cheesecake Factory restaurants again outperformed the casual dining industry and bottom-line results of the core business were within our expectations for the fourth quarter,» said David Overton, Chairman and Chief Executive Officer. «Our operators executed very well, with particular strength in labor management, which contributed to solid restaurant-level profitability during the quarter.»
Overton concluded, «We accomplished so much in 2019, including closing on the acquisitions of North Italia and Fox Restaurant Concepts, reinforcing our leadership position in experiential dining. We continue to believe the combination of our companies will drive long-term value for our shareholders, guests and staff members.»
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