|Bid||0.00 x 800|
|Ask||0.00 x 2200|
|Day's Range||40.21 - 41.21|
|52 Week Range||35.83 - 52.91|
|Beta (3Y Monthly)||0.89|
|PE Ratio (TTM)||17.40|
|Earnings Date||Oct 29, 2019|
|Forward Dividend & Yield||1.44 (3.58%)|
|1y Target Est||47.71|
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The Cheesecake Factory is now in control of a lot more than just, well, cheesecake. Calabasas Hills, California-based The Cheesecake Factory Inc. (NASDAQ: CAKE), which is busy planning for its second D.C. location, has closed its acquisitions of both North Italia and Arizona-based Fox Restaurant Concepts, the company behind Flower Child, Zinburger and multiple other concepts. The Cheesecake Factory had previously invested $88 million in the North Italia and Flower Child concepts in anticipation of the deal closing, the release states.
The Cheesecake Factory Incorporated (CAKE) today announced that it has closed the acquisitions of North Italia and Fox Restaurant Concepts (“FRC”), including Flower Child. 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 Cheesecake Factory Incorporated (CAKE) today announced it will release third quarter fiscal 2019 financial results after market close on Tuesday, October 29, 2019. The Company will hold a conference call to discuss its results on the same day beginning at 2:00 p.m. Pacific Time. The conference call will be webcast and can be accessed on the Company’s website, investors.thecheesecakefactory.com.
The Cheesecake Factory Inc. (NASDAQ: CAKE) expects a long stay at its new downtown D.C. home. The lease between Calabasas Hills, California’s The Cheesecake Factory Restaurants Inc. and 15th and H Street Associates LLC, for the large restaurant space at 1426 H St. NW, is for 240 months, or 20 years, per the lease, which was signed July 23 but recorded Monday with the District. The Cheesecake Factory is expected to open in the former Woodward Table space, in the historic Woodward building, next year.
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Cheesecake Factory Inc (NASDAQ: CAKE) reported its quarterly results short of expectations and lowered its full-year guidance. Cheesecake Factory announced the acquisition of the North Italia concept, which was expected, but surprisingly also announced plans to acquire Fox Restaurant Concepts, Tower said in the note. The company plans to acquire North Italia (NI) and Fox Restaurant Concepts (FRC) for a total of $440 million and expects the transaction to be neutral to 2020 EPS and accretive thereafter.
Cheesecake Factory Inc. shares rose 2.5% in Thursday trading after it reported an earnings beat and announced the acquisition of Fox Restaurant Concepts. Net income was $35.5 million, or 79 cents per share, up from $28.4 million, or 61 cents per share, last year. Adjusted EPS of 82 cents, beat the 81-cent FactSet estimate. Revenue of $602.6 million was up from $587.3 million but missed the $613.0 million FactSet consensus. Same-restaurant sales growth of 1% also missed the FactSet estimate for 2% growth. Cheesecake Factory also announced that it will acquire Fox Restaurant Concepts, which has more than 50 locations in the U.S., and the remaining interest in North Italia, an Italian casual-dining chain with 20 locations in the U.S. North Italia is part of the Fox Concepts portfolio. Cheesecake Factory will pay about $178 million in cash and $45 million over the next four years for Fox Concepts. Total consideration for Fox Concepts before a performance-driven earn-out provision, will be $267 million including a $44 million investment in Flower Child, a Fox Concepts casual-dining restaurant. Fox Concepts annualized run-rate revenue is expected to be about $250 million when the transaction is complete. The remaining portion of North Italia will be acquired for about $130 million in cash, for a total of $174 million including a previous $44 million invested. Together, the company is expecting $3 billion in pro forma 2020 revenue and 8%-plus revenue growth with same-restaurant sales growth of 1% to 2%. Cheesecake Factory stock is up 1.5% for the year to date while the the S&P 500 index is up 19.2% for the period.
Cheesecake Factory (CAKE) delivered earnings and revenue surprises of 1.23% and -1.27%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?