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The Cheesecake Factory Provides Business Update
The Cheesecake Factory Incorporated provided a business update given the ongoing COVID-19 pandemic.
The Company began to reopen dining rooms across its concepts the second week of May. As of today, approximately 25% of the Company’s restaurants across its concepts, including 34 Cheesecake Factory restaurants, have reopened dining rooms with limited capacity in accordance with local mandates.
The reopened Cheesecake Factory restaurants have recaptured, on average, approximately 75% of prior year sales levels, reflecting continued strength in off-premise sales and building dine-in business. For The Cheesecake Factory restaurants that are continuing to operate...
The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2019
The Cheesecake Factory Incorporated today reported financial results for the fourth quarter of fiscal 2019, which ended on December 31, 2019.
Total revenues were $694.0 million in the fourth quarter of fiscal 2019 compared to $585.2 million in the fourth quarter of fiscal 2018. Net income and diluted net income per share were $48.7 million and $1.10, respectively, in the fourth quarter of fiscal 2019. The results in this press release include the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC on October 2, 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 Cheesecake Factory Completes Acquisitions of North Italia and Fox Restaurant Concepts
The Cheesecake Factory Incorporated announced that it has closed the acquisitions of North Italia and Fox Restaurant Concepts (“FRC”), including Flower Child.
The transactions were completed for $308 million in consideration at closing, including $12 million earmarked for customary post-closing adjustments. An additional $45 million will be due ratably over the next four years, and the FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child. The Company previously invested...
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