WASHINGTON (dpa-AFX) - The Cheesecake Factory Incorporated (CAKE) announced, for fiscal 2019, the company estimates adjusted earnings per share between $2.54 and $2.70 based on an assumed comparable sales range of 1% - 2% at The Cheesecake Factory restaurants. The range includes an estimated $4 million in additional expense related to the adoption of the new lease accounting standard, which equates to an approximately $0.08 impact to adjusted EPS. Excluding the lease accounting impact, 2019 adjusted EPS growth is expected to be approximately 8% - 14%.
For the fourth-quarter, excluding item, net income and diluted net income per share would have been $27.3 million and $0.60. Total revenues were $585.2 million compared to $571.8 million, prior year. Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.9% in the fourth quarter of fiscal 2018.
The company's Board of Directors declared a quarterly cash dividend of $0.33 per share of the company's common stock. The dividend is payable on March 19, 2019 to shareholders of record at the close of business on March 4, 2019.
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