— Restaurant operator The Cheesecake Factory Incorporated (NASDAQ: CAKE) reported an 8% decline in adjusted earnings for the fourth quarter of 2019 to $0.58 per share from last year, versus $0.60 per share expected.
— Revenues climbed by 19% to $694 million versus $706.21 million expected.
— Comparable restaurant sales increased by 0.6% year-over-year. The comps outperformed the casual dining industry.
— The unadjusted earnings soared by 201% due to the inclusion of the acquisition of North Italia and the remaining business of Fox Restaurant Concepts. The results also reflected a gain on an investment in unconsolidated affiliates as well as an impairment and lease termination charge.
— The company’s board of directors declared a quarterly cash dividend of $0.36 per share of its common stock. The dividend is payable on March 20, 2020, to shareholders of record on March 9, 2020.
— Separately, the company announced the expansion of its board from seven to eight members and appointed Janice L. Meyer as an independent member. Meyer will also serve on the Audit Committee and will stand for election at the 2020 Annual Meeting.