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The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2019
CALABASAS HILLS, Calif.--(BUSINESS WIRE)-- The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of
About this update from The Cheesecake Factory Incorporated
[{"type":"text","content":" CALABASAS HILLS, Calif.--(BUSINESS WIRE)--\nThe Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2019, which ended on October 1, 2019. \n\n\nTotal revenues were $586.5 million in the third quarter of fiscal 2019 compared to $575.2 million in the third quarter of fiscal 2018. Net income and diluted net income per share were $16.1 million and $0.36, respectively, in the third quarter of fiscal 2019.\n\n\nExcluding the after-tax impact of the $7.7 million loss on the Company’s minority investments and $2.4 million in acquisition-related costs, net income and diluted net income per share for the third quarter of fiscal 2019 would have been $26.1 million and $0.59, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this release.\n\n\nComparable restaurant sales at The Cheesecake Factory restaurants increased 0.4% in the third quarter of fiscal 2019.\n\n\n“We continued to outperform the industry during the third quarter and generated both comparable sales at The Cheesecake Factory and operating performance within our expectations,” said David Overton, Chairman and Chief Executive Officer. “Our operators again managed their restaurants well despite the softer industry sales environment.”\n\n\nOverton continued, “Earlier this month, we completed the acquisitions of North Italia and Fox Restaurant Concepts, reinforcing our leadership position in experiential dining. The integration of North Italia is on track. We recently renegotiated and extended our exclusive DoorDash delivery agreement, which now also covers North Italia and the FRC concepts, underscoring the benefit of our scale for these brands. For the balance of the year, we are focused on driving performance at The Cheesecake Factory restaurants and our acquired businesses, while continuing to execute a smooth integration. With the strength of The Cheesecake Factory brand, coupled with accelerated and diversified growth drivers in North Italia and the FRC concepts, we believe we are well-positioned for 2020 and the long-term.”\n\n\nSubsequent Event\n\n\nOn October 2, 2019, the Company completed the acquisitions of North Italia and Fox Restaurant Concepts (FRC).\n\n\nDevelopment\n\n\nThe Company continues to expect to open five Cheesecake Factory restaurants in fiscal 20...