Texas Roadhouse, Inc. Announces Fourth Quarter 2017 Results
February 20 2018 - 4:03PM
Texas Roadhouse, Inc. (Nasdaq:TXRH), today announced financial
results for the 13 and 52 week periods ended December 26,
2017.
|
|
|
|
|
Fourth Quarter |
|
Year to Date |
($000's) |
2017 |
2016 |
%
Change |
|
2017 |
2016 |
%
Change |
|
|
|
|
|
|
|
|
Total revenue |
$ |
545,076 |
$ |
484,710 |
12.5% |
|
$ |
2,219,531 |
$ |
1,990,714 |
11.5% |
Income from
operations |
37,459 |
30,839 |
21.5% |
|
186,206 |
171,900 |
8.3% |
Net income |
28,618 |
20,725 |
38.1% |
|
131,526 |
115,598 |
13.8% |
Diluted EPS |
$ |
0.40 |
$ |
0.29 |
37.0% |
|
$ |
1.84 |
$ |
1.63 |
13.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Results for the fourth quarter included the
following highlights:
- Comparable restaurant sales increased 5.8% at company
restaurants, including a positive impact of approximately 0.4%
related to the calendar shift of the Christmas holiday, and 4.7% at
domestic franchise restaurants;
- Diluted earnings per share increased 37.0% to $0.40 from $0.29
in the prior year primarily due to restaurant margin performance
and a lower income tax rate;
- Restaurant margin dollars increased 11.9% to $92.2 million from
$82.4 million in the prior year and restaurant margin, as a
percentage of restaurant sales, decreased 11 basis points to
17.0%. The decrease was primarily driven by labor inflation,
partially offset by the benefit of lower food costs;
- Our income tax rate decreased to 19.8% from 28.8% in the prior
year primarily due to the impact of new tax legislation enacted in
the current quarter, which resulted in a $3.1 million reduction in
income tax expense, or $0.04 per diluted share; and
- Seven company restaurants and two international franchise
restaurants were opened.
Results for the year-to-date period included the
following highlights:
- Comparable restaurant sales increased 4.5% at company
restaurants and 4.2% at domestic franchise restaurants;
- Diluted earnings per share increased 13.0% to $1.84 from $1.63
in the prior year;
- Restaurant margin dollars increased 10.2% to $406.4 million
from $368.9 million in the prior year and restaurant margin, as a
percentage of restaurant sales, decreased 24 basis points to 18.4%,
primarily driven by labor inflation, partially offset by the
benefit of lower food costs;
- A pre-tax charge of $14.9 million ($9.2 million after-tax), or
$0.13 per diluted share, was recorded in the first quarter of 2017,
related to the settlement of a legal matter. The impact of
the legal charge was partially offset by a pre-tax charge recorded
in 2016 of $7.3 million ($4.5 million after-tax), or $0.06 per
diluted share, related to a separate legal matter;
- Our income tax rate decreased to 26.1% from 29.8% in the prior
year primarily due to the impact of new accounting rules adopted in
2017 related to share-based compensation and the impact of new tax
legislation, which combined resulted in a $6.5 million reduction in
income tax expense, or $0.09 per diluted share; and
- 27 company restaurants, including four Bubba’s 33, and five
franchise restaurants, including four international, were
opened.
Kent Taylor, Chief Executive Officer of Texas
Roadhouse, Inc., commented, "We delivered another strong year of
results, with double digit revenue and diluted earnings per share
growth for both the fourth quarter and full year. We achieved
our 32nd consecutive quarter of positive comparable restaurant
sales growth with comparable restaurant sales growth of 5.8% for
the quarter, driven by strong traffic gains. In addition, our
solid balance sheet and healthy cash flow allowed us to open 27
restaurants this year while returning $58.2 million of excess
capital to shareholders through our dividend program."
Taylor continued, “For 2018, our top-line
momentum has continued with comparable restaurant sales growth of
4.7% during the first 55 days of the year. In addition, our
development pipeline is in great shape and we are on track to open
approximately 30 company restaurants."
2018 Outlook
Comparable restaurant sales at company
restaurants for the first 55 days of our first quarter of fiscal
2018 increased approximately 4.7% compared to the prior year
period, including a positive impact of approximately 0.2% related
to the calendar shift of the New Year’s holiday.
Management updated the following expectations
for 2018:
- An income tax rate of 15.0% to 16.0%; and
- Total capital expenditures of approximately $165.0 million to
$175.0 million.
Management reiterated the following expectations
for 2018:
- Positive comparable restaurant sales growth;
- Approximately 30 company restaurant openings, including up to
seven Bubba’s 33 restaurants;
- Relatively flat food costs; and
- Mid-single digit labor inflation.
Cash Dividend Payment
On February 16, 2018, our Board of Directors
authorized the payment of a quarterly cash dividend of $0.25 per
share of common stock. This payment, which will be
distributed on March 29, 2018 to shareholders of record at the
close of business on March 14, 2018, represents a 19.0% increase
from the cash dividend of $0.21 per share of common stock declared
during each quarter of 2017. Since the inception of our
dividend program in 2011, our cash dividend per share of common
stock has increased an average of 17.6% per year.
Non-GAAP Measures
We prepare our consolidated financial statements
in accordance with U.S. generally accepted accounting principles
(“GAAP”). Within our press release, we make reference to
restaurant margin (in dollars and as a percentage of sales).
Restaurant margin represents restaurant sales less restaurant-level
operating costs, including cost of sales, labor, rent and other
operating costs. Restaurant margin should not be considered
in isolation, or as an alternative, to income from
operations. This non-GAAP measure is not indicative of
overall company performance and profitability in that this measure
does not accrue directly to the benefit of shareholders due to the
nature of the costs excluded. Restaurant margin is widely
regarded as a useful metric by which to evaluate restaurant-level
operating efficiency and performance. In calculating
restaurant margin, we exclude certain non-restaurant-level costs
that support operations, including pre-opening and general and
administrative expenses, but do not have a direct impact on
restaurant-level operational efficiency and performance. We
also exclude depreciation and amortization expense, substantially
all of which relates to restaurant-level assets, as it represents a
non-cash charge for the investment in our restaurants. We
also exclude impairment and closure expense as we believe this
provides a clearer perspective of ongoing operating performance and
a more useful comparison to prior period results. Restaurant
margin as presented may not be comparable to other similarly titled
measures of other companies in our industry. A reconciliation
of income from operations to restaurant margin is included in the
accompanying financial tables.
Conference Call
Texas Roadhouse is hosting a conference call
today, February 20, 2018 at 5:00 p.m. Eastern Time to discuss these
results. The dial-in number is (800) 239-9838 or (323)
794-2551 for international calls. A replay of the call will
be available for one week following the conference call. To
access the replay, please dial (844) 512-2921 or (412) 317-6671 for
international calls, and use 9967049 as the pass code. There
will be a simultaneous Web cast conducted at
www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that
first opened in 1993 and today has grown to over 550 restaurants
system-wide in 49 states and seven foreign countries. For
more information, please visit the Company’s Web site at
www.texasroadhouse.com.
Forward-looking
StatementsCertain statements in this release that are not
historical facts, including, without limitation, those relating to
our anticipated financial performance, are forward-looking
statements that involve risks and uncertainties. Such
statements are based upon the current beliefs and expectations of
the management of Texas Roadhouse. Actual results may vary
materially from those contained in forward-looking statements based
on a number of factors including, without limitation, the actual
number of restaurants opening; the sales at these and our other
company and franchise restaurants; changes in restaurant
development or operating costs, such as food and labor; our ability
to acquire franchise restaurants; our ability to integrate the
franchise restaurants we acquire or other concepts we develop; our
ability to continue to generate the necessary cash flows to fund
our new restaurant growth, continue our share repurchase program
and pay a quarterly cash dividend; strength of consumer spending;
pending or future legal claims; breaches of security; conditions
beyond our control such as weather, natural disasters, disease
outbreaks, epidemics or pandemics impacting our customers or food
supplies; food safety and food-borne illness concerns; acts of war
or terrorism and other factors disclosed from time to time in our
filings with the U.S. Securities and Exchange Commission.
Investors should take such risks into account when making
investment decisions. Shareholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are
made. We undertake no obligation to update any
forward-looking statements.
Contacts:
Investor
Relations
Tonya Robinson(502) 515-7269
MediaTravis Doster(502) 638-5457
|
Texas Roadhouse, Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Income |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
13 Weeks Ended |
|
|
52 Weeks Ended |
|
|
December 26,2017 |
|
|
|
December 27,2016 |
|
|
December 26,2017 |
|
|
|
December 27,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales |
$ |
541,196 |
|
|
|
$ |
480,730 |
|
|
$ |
2,203,017 |
|
|
|
$ |
1,974,261 |
|
Franchise
royalties and fees |
3,880 |
|
|
|
3,980 |
|
|
16,514 |
|
|
|
16,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
545,076 |
|
|
|
484,710 |
|
|
2,219,531 |
|
|
|
1,990,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
175,688 |
|
|
|
162,638 |
|
|
721,550 |
|
|
|
669,203 |
|
Labor |
173,258 |
|
|
|
147,395 |
|
|
687,545 |
|
|
|
590,256 |
|
Rent |
11,569 |
|
|
|
10,103 |
|
|
44,807 |
|
|
|
40,580 |
|
Other
operating |
88,526 |
|
|
|
78,208 |
|
|
342,702 |
|
|
|
305,290 |
|
Pre-opening |
4,972 |
|
|
|
5,294 |
|
|
19,274 |
|
|
|
19,547 |
|
Depreciation and amortization |
24,263 |
|
|
|
22,246 |
|
|
93,499 |
|
|
|
82,964 |
|
Impairment and closure |
641 |
|
|
|
125 |
|
|
654 |
|
|
|
179 |
|
General
and administrative |
28,700 |
|
|
|
27,862 |
|
|
123,294 |
|
|
|
110,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
507,617 |
|
|
|
453,871 |
|
|
2,033,325 |
|
|
|
1,818,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
37,459 |
|
|
|
30,839 |
|
|
186,206 |
|
|
|
171,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
366 |
|
|
|
353 |
|
|
1,577 |
|
|
|
1,255 |
|
Equity income from
investments in unconsolidated affiliates |
(339 |
) |
|
|
(280 |
) |
|
(1,488 |
) |
|
|
(1,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
37,432 |
|
|
|
30,766 |
|
|
186,117 |
|
|
|
171,756 |
|
Provision for income
taxes |
7,422 |
|
|
|
8,858 |
|
|
48,581 |
|
|
|
51,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including
noncontrolling interests |
30,010 |
|
|
|
21,908 |
|
|
137,536 |
|
|
|
120,573 |
|
Less: Net income
attributable to noncontrolling interests |
1,392 |
|
|
|
1,183 |
|
|
6,010 |
|
|
|
4,975 |
|
Net income attributable
to Texas Roadhouse, Inc. and subsidiaries |
$ |
28,618 |
|
|
|
$ |
20,725 |
|
|
$ |
131,526 |
|
|
|
$ |
115,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Texas Roadhouse, Inc. and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.40 |
|
|
|
$ |
0.29 |
|
|
$ |
1.85 |
|
|
|
$ |
1.64 |
|
Diluted |
$ |
0.40 |
|
|
|
$ |
0.29 |
|
|
$ |
1.84 |
|
|
|
$ |
1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
71,138 |
|
|
|
70,569 |
|
|
70,989 |
|
|
|
70,396 |
|
Diluted |
71,753 |
|
|
|
71,215 |
|
|
71,527 |
|
|
|
71,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.21 |
|
|
|
$ |
0.19 |
|
|
$ |
0.84 |
|
|
|
$ |
0.76 |
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 26, 2017 |
|
December 27, 2016 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
150,918 |
|
$ |
112,944 |
Other current assets,
net |
|
106,163 |
|
87,315 |
Property and equipment,
net |
|
912,147 |
|
830,054 |
Goodwill |
|
121,040 |
|
116,571 |
Intangible assets,
net |
|
2,700 |
|
3,622 |
Other assets |
|
37,655 |
|
29,465 |
|
|
|
|
|
Total assets |
|
$ |
1,330,623 |
|
$ |
1,179,971 |
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt and obligation under capital lease |
|
9 |
|
167 |
Other current
liabilities |
|
329,989 |
|
279,360 |
Long-term debt and
obligation under capital lease, excluding current
maturities |
|
51,981 |
|
52,381 |
Other liabilities,
net |
|
97,253 |
|
89,821 |
Texas Roadhouse, Inc.
and subsidiaries stockholders' equity |
|
839,079 |
|
750,226 |
Noncontrolling
interests |
|
12,312 |
|
8,016 |
|
|
|
|
|
Total liabilities and
equity |
|
$ |
1,330,623 |
|
$ |
1,179,971 |
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
December 26, 2017 |
|
|
December 27, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income including
noncontrolling interests |
|
$ |
137,536 |
|
|
$ |
120,573 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
Depreciation and amortization |
|
93,499 |
|
|
82,964 |
|
Share-based compensation expense |
|
26,934 |
|
|
26,067 |
|
Other
noncash adjustments, net |
|
438 |
|
|
12,075 |
|
Change in working
capital |
|
27,966 |
|
|
15,386 |
|
Net cash
provided by operating activities |
|
286,373 |
|
|
257,065 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Capital expenditures -
property and equipment |
|
(161,628 |
) |
|
(164,738 |
) |
Acquisition of
franchise restaurants, net of cash acquired |
|
(16,528 |
) |
|
- |
|
Net cash
used in investing activities |
|
(178,156 |
) |
|
(164,738 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from revolving
credit facility, net |
|
- |
|
|
25,000 |
|
Repurchase shares of
common stock |
|
- |
|
|
(4,110 |
) |
Dividends paid |
|
(58,154 |
) |
|
(52,054 |
) |
Other financing
activities, net |
|
(12,089 |
) |
|
(7,553 |
) |
Net cash
used in financing activities |
|
(70,243 |
) |
|
(38,717 |
) |
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
37,974 |
|
|
53,610 |
|
Cash and cash
equivalents - beginning of period |
|
112,944 |
|
|
59,334 |
|
Cash and cash
equivalents - end of period |
|
$ |
150,918 |
|
|
$ |
112,944 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
Reconciliation of Income from Operations to
Restaurant Margin |
(in thousands) |
(unaudited) |
|
|
|
|
13 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
December 26, 2017 |
|
|
December 27, 2016 |
|
|
December 26, 2017 |
|
|
December 27, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
37,459 |
|
|
$ |
30,839 |
|
|
$ |
186,206 |
|
|
$ |
171,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
3,880 |
|
|
3,980 |
|
|
16,514 |
|
|
16,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening |
|
4,972 |
|
|
5,294 |
|
|
19,274 |
|
|
19,547 |
|
Depreciation and
amortization |
|
24,263 |
|
|
22,246 |
|
|
93,499 |
|
|
82,964 |
|
Impairment and
closure |
|
641 |
|
|
125 |
|
|
654 |
|
|
179 |
|
General and
administrative |
|
28,700 |
|
|
27,862 |
|
|
123,294 |
|
|
110,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
$ |
92,155 |
|
|
$ |
82,386 |
|
|
$ |
406,413 |
|
|
$ |
368,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant sales) |
|
17.0 |
% |
|
17.1 |
% |
|
18.4 |
% |
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
|
Supplemental Financial and Operating
Information |
|
|
($ amounts in thousands, except weekly sales
by group) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Change |
|
|
|
Year to Date |
|
Change |
|
|
|
2017 |
|
2016 |
|
vs
LY |
|
|
|
2017 |
|
2016 |
|
vs
LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
7 |
|
5 |
|
2 |
|
|
|
23 |
|
21 |
|
2 |
|
|
Company -
Bubba's 33 |
0 |
|
4 |
|
(4) |
|
|
|
4 |
|
9 |
|
(5) |
|
|
Company -
Other |
0 |
|
0 |
|
0 |
|
|
|
0 |
|
0 |
|
0 |
|
|
Franchise
- Texas Roadhouse - U.S. |
0 |
|
0 |
|
0 |
|
|
|
1 |
|
1 |
|
0 |
|
|
Franchise
- Texas Roadhouse - International |
2 |
|
1 |
|
1 |
|
|
|
4 |
|
3 |
|
1 |
|
|
Total |
9 |
|
10 |
|
(1) |
|
|
|
32 |
|
34 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
0 |
|
0 |
|
0 |
|
|
|
4 |
|
0 |
|
4 |
|
|
Company -
Bubba's 33 |
0 |
|
0 |
|
0 |
|
|
|
0 |
|
0 |
|
0 |
|
|
Company -
Other |
0 |
|
0 |
|
0 |
|
|
|
0 |
|
0 |
|
0 |
|
|
Franchise
- Texas Roadhouse |
0 |
|
0 |
|
0 |
|
|
|
(4) |
|
0 |
|
(4) |
|
|
Total |
0 |
|
0 |
|
0 |
|
|
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the
end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
440 |
|
413 |
|
27 |
|
|
|
|
|
|
|
|
|
|
Company -
Bubba's 33 |
20 |
|
16 |
|
4 |
|
|
|
|
|
|
|
|
|
|
Company -
Other |
2 |
|
2 |
|
0 |
|
|
|
|
|
|
|
|
|
|
Franchise
- Texas Roadhouse - U.S. |
70 |
|
73 |
|
(3) |
|
|
|
|
|
|
|
|
|
|
Franchise
- Texas Roadhouse - International |
17 |
|
13 |
|
4 |
|
|
|
|
|
|
|
|
|
|
Total |
549 |
|
517 |
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales |
$ |
541,196 |
|
$ |
480,730 |
|
12.6 |
|
% |
|
$ |
2,203,017 |
|
$ |
1,974,261 |
|
11.6 |
|
% |
Store
weeks |
5,950 |
|
5,544 |
|
7.3 |
|
% |
|
23,274 |
|
21,583 |
|
7.8 |
|
% |
Comparable restaurant sales growth (1) |
5.8 |
% |
1.2 |
% |
|
|
|
|
4.5 |
% |
3.5 |
% |
|
|
|
Texas
Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
5.9 |
% |
1.3 |
% |
|
|
|
|
4.5 |
% |
3.6 |
% |
|
|
|
Average
unit volume (2) |
$ |
1,193 |
|
$ |
1,134 |
|
5.2 |
|
% |
|
$ |
4,973 |
|
$ |
4,805 |
|
3.5 |
|
% |
Weekly
sales by group: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (401 units) |
$ |
92,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (22 units) (3) |
$ |
81,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (17 units) |
$ |
90,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating
costs (as a % of restaurant sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
32.5 |
% |
33.8 |
% |
(137 |
) |
bps |
|
32.8 |
% |
33.9 |
% |
(114 |
) |
bps |
Labor |
32.0 |
% |
30.7 |
% |
135 |
|
bps |
|
31.2 |
% |
29.9 |
% |
131 |
|
bps |
Rent |
2.1 |
% |
2.1 |
% |
4 |
|
bps |
|
2.0 |
% |
2.1 |
% |
(2 |
) |
bps |
Other
operating |
16.4 |
% |
16.3 |
% |
9 |
|
bps |
|
15.6 |
% |
15.5 |
% |
9 |
|
bps |
Total |
83.0 |
% |
82.9 |
% |
11 |
|
bps |
|
81.6 |
% |
81.3 |
% |
24 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
17.0 |
% |
17.1 |
% |
(11 |
) |
bps |
|
18.4 |
% |
18.7 |
% |
(24 |
) |
bps |
Restaurant margin ($ in thousands) |
$ |
92,155 |
|
$ |
82,386 |
|
11.9 |
|
% |
|
$ |
406,413 |
|
$ |
368,932 |
|
10.2 |
|
% |
Restaurant margin $/Store week |
$ |
15,488 |
|
$ |
14,862 |
|
4.2 |
|
% |
|
$ |
17,462 |
|
$ |
17,094 |
|
2.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
3,880 |
|
$ |
3,980 |
|
(2.5 |
) |
% |
|
$ |
16,514 |
|
$ |
16,453 |
|
0.4 |
|
% |
Store
weeks |
1,117 |
|
1,108 |
|
0.9 |
|
% |
|
4,381 |
|
4,360 |
|
0.5 |
|
% |
Comparable restaurant sales growth (1) |
2.9 |
% |
0.8 |
% |
|
|
|
|
2.9 |
% |
2.0 |
% |
|
|
|
U.S.
franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
4.7 |
% |
2.0 |
% |
|
|
|
|
4.2 |
% |
3.3 |
% |
|
|
|
Average
unit volume (2) |
$ |
1,224 |
|
$ |
1,158 |
|
5.7 |
|
% |
|
$ |
5,076 |
|
$ |
4,878 |
|
4.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense |
$ |
4,972 |
|
$ |
5,294 |
|
(6.1 |
) |
% |
|
$ |
19,274 |
|
$ |
19,547 |
|
(1.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
$ |
24,263 |
|
$ |
22,246 |
|
9.1 |
|
% |
|
$ |
93,499 |
|
$ |
82,964 |
|
12.7 |
|
% |
As a % of
revenue |
4.5 |
% |
4.6 |
% |
(14 |
) |
bp |
|
4.2 |
% |
4.2 |
% |
5 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
$ |
28,700 |
|
$ |
27,862 |
|
3.0 |
|
% |
|
$ |
123,294 |
|
$ |
110,795 |
|
11.3 |
|
% |
As a % of
revenue |
5.3 |
% |
5.7 |
% |
(48 |
) |
bps |
|
5.6 |
% |
5.6 |
% |
(1 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Comparable restaurant sales growth reflects the change in
year-over-year sales for restaurants open a full 18 months before
the beginning of the period measured, excluding sales from
restaurants closed during the period. |
(2)
Average unit volume includes sales from Texas Roadhouse restaurants
open for a full six months before the beginning of the period
measured, excluding any sales at restaurants closed during the
period. |
(3)
Average unit volume restaurants include restaurants open a full six
and up to 18 months before the beginning of the period
measured. |
|
Amounts
may not foot due to rounding. |
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