Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 week period ended March 30, 2021 and provided a
business update.
Statement from Jerry Morgan, CEO and
President
The last several weeks have been extremely
difficult for the Texas Roadhouse family as we mourn the passing of
our Founder, CEO, and friend, Kent Taylor. The vision and
leadership that Kent provided since opening the first store in 1993
was without question the foundation for the thriving, multi-concept
restaurant company that we are today. The entire leadership team is
committed to preserving Kent’s legacy and the unique culture he
established as we continue to grow Texas Roadhouse just as he did
over the past 28 years.
We also have reflected on the impact of the
pandemic on our business. A year ago today, all of our dining rooms
were still closed and while we knew brighter days were ahead, we
never could have anticipated where we are today. Our operating
results have exceeded even pre-pandemic levels thanks to our
operators’ ability to navigate a number of factors, including the
easing of dining room capacity restrictions, guest excitement to
get back into our restaurants and the continued strength of our
To-Go sales. Going forward, our primary focus will be ensuring that
our guests continue to have a legendary experience each and every
time they choose us. This will include continuing to manage
capacity restrictions, recruiting and retaining front-line
employees, and maintaining a safe environment for everyone.
Financial Results
Financial results for the 13 week periods ended March 30, 2021,
March 31, 2020, and March 26, 2019 were as follows:
|
First Quarter |
($000's) |
|
|
|
|
|
|
% change |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
vs. 2020 |
|
vs. 2019 |
Total
revenue |
$ |
800,629 |
|
$ |
652,524 |
|
$ |
690,608 |
|
22.7% |
|
15.9% |
Income from
operations |
|
80,927 |
|
|
15,790 |
|
|
60,445 |
|
412.5% |
|
33.9% |
Net
income |
|
64,150 |
|
|
16,029 |
|
|
50,390 |
|
300.2% |
|
27.3% |
Diluted
earnings per share |
$ |
0.91 |
|
$ |
0.23 |
|
$ |
0.70 |
|
298.5% |
|
31.0% |
Results for the first quarter included the following:
- Comparable restaurant sales at
company restaurants increased 18.5% and 8.6% compared to 2020 and
2019, respectively1. Comparable restaurant sales at domestic
franchise restaurants increased 15.2% and 5.1% compared to 2020 and
2019, respectively;
- Three company restaurants were
opened, including one Bubba’s 33 restaurant;
- Restaurant margin, as a percentage
of restaurant and other sales, was 18.6% and restaurant margin
dollars were $147.6 million. Restaurant margin was impacted by an
increase in comparable restaurant sales partially offset by higher
costs related to the pandemic;
- Diluted earnings per share
increased to $0.91 from $0.23 in the prior year due to the increase
in comparable restaurant sales and the prior year impact of the
pandemic, which began to significantly impact our operations in
March 2020; and,
- The Company ended the quarter with
debt of $240.0 million and $495.6 million of cash on hand.
1 Comparable restaurant sales reflect the change in
year-over-year sales for restaurants open a full 18 months before
the beginning of the period measured for comparison to 2020 and for
restaurants open a full 30 months before the beginning of the
period measured for comparison to 2019.
Jerry Morgan commented, “We asked our operators to deliver
results in a challenging environment and as expected they delivered
industry leading results. These strong operating results, which
have continued into our April period, have further strengthened our
financial position. As a result, we continue to move forward with
our development pipeline and are pleased to report the
reinstatement of our quarterly dividend by our Board of
Directors.”
Business Update
Comparable restaurant sales during the quarter
were positively impacted by the re-opening of dining rooms, all of
which had re-opened by the end of the quarter, the continued easing
of dining room capacity restrictions, and strong To-Go sales. The
Company continues to operate under various capacity restrictions in
the dining rooms along with enhanced To-Go, which includes a
curbside and/or drive-up operating model, as permitted by local
guidelines. By period, the comparable restaurant sales, average
weekly sales, and To-Go sales for all company restaurants were as
follows:
|
|
January |
|
February |
|
March |
|
Q1 2021 |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales vs 2020 |
|
|
(0.3%) |
|
|
|
(3.5%) |
|
|
|
64.1% |
|
|
|
18.5% |
|
Comparable
restaurant sales vs 2019 |
|
|
7.5% |
|
|
|
0.6% |
|
|
|
15.5% |
|
|
|
8.6% |
|
Average
weekly sales |
|
|
$105,595 |
|
|
|
$106,292 |
|
|
|
$127,362 |
|
|
|
$114,201 |
|
To-Go sales
as a % of average weekly sales |
|
|
25.9% |
|
|
|
22.8% |
|
|
|
19.7% |
|
|
|
22.3% |
|
Total
company restaurants - end of period |
|
|
537 |
|
|
|
538 |
|
|
|
540 |
|
|
|
540 |
|
Limited
capacity company restaurants - end of period |
|
|
504 |
|
|
|
530 |
|
|
|
540 |
|
|
|
540 |
|
For the April period, the comparable restaurant
sales, average weekly sales, and To-Go sales for all company
restaurants were as follows:
|
April |
|
|
Comparable restaurant sales vs 2020 |
|
126.7% |
|
Comparable
restaurant sales vs 2019 |
|
20.9% |
|
Average
weekly sales |
|
$124,217 |
|
To-Go sales
as a % of average weekly sales |
|
18.7% |
|
Total
company restaurants - end of period |
|
545 |
|
Limited
capacity company restaurants - end of period |
|
545 |
|
For the quarter, the Company’s cash on hand
position increased $132.5 million due to increased sales
performance and working capital inflows, partially offset by cash
used for capital expenditures. As of the end of the quarter, the
Company had opened three company restaurants and an additional 15
were under construction. In addition and as further discussed
below, the Company’s Board of Directors reinstated the quarterly
dividend beginning with the Q2 2021 fiscal quarter.
2021 Outlook
Management updated the following expectation for
2021:
- Commodity cost inflation of
approximately 4.0%.
Management reiterated the following expectations
for 2021:
- 25 to 30 company restaurant
openings across all concepts;
- Store week growth of 4.0% to 5.0%;
and,
- Total capital expenditures of $210
million to $220 million.
To the extent that state and local guidelines
begin to significantly reduce capacity and/or re-close dining
rooms, the Company could pull back on development and reduce
capital spend accordingly.
Cash Dividend Payment
On April 28, 2021, our Board of Directors
reinstated the payment of a quarterly cash dividend of $0.40 per
share of common stock. This payment will be distributed on June 4,
2021 to shareholders of record at the close of business on May 19,
2021. The Company most recently paid a quarterly cash dividend of
$0.36 on March 27, 2020 which was subsequently suspended to
preserve cashflow.
Non-GAAP Measures
The Company prepares the consolidated financial
statements in accordance with U.S. generally accepted accounting
principles (“GAAP”). Within the press release, the Company makes
reference to restaurant margin (in dollars and as a percentage of
restaurant and other sales). Restaurant margin represents
restaurant and other sales less restaurant-level operating costs,
including food and beverage costs, 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, the Company excludes 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. The Company also excludes depreciation and
amortization expense, substantially all of which relates to
restaurant-level assets, as it represents a non-cash charge for the
investment in restaurants. The Company also excludes impairment and
closure expense as it believes 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
the 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, April 29, 2021 at 5:00 p.m. Eastern Time to discuss these
results. The dial-in number is (877) 699-0953 or (647) 689-5456 for
international calls. A replay of the call will be available for one
week following the conference call. To access the replay, please
dial (800) 585-8367 or (416) 621-4642 for international calls, and
use 6172236 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 640 restaurants
system-wide in 49 states and ten foreign countries. For more
information, please visit the Company’s Web site at
www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended. These statements include, but are not limited to,
statements related to the potential impact of the COVID-19
pandemic, including further dining room capacity restrictions or
closures, and other non-historical statements. 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, conditions beyond
its control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting customers or food supplies; food
safety and food-borne illness concerns; and other factors disclosed
from time to time in its filings with the U.S. Securities and
Exchange Commission. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors include but are not limited to those described under “Part
I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the
fiscal year ended December 29, 2020. These factors should not be
construed as exhaustive and should be read in conjunction with
other filings with the 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.
The Company undertakes no obligation to update any forward-looking
statements, except as required by applicable law.
Contacts:
Investor
Relations Michael
Bailen(502) 515-7298
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 |
|
|
|
March 30, 2021 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
Restaurant and other sales |
$ |
794,923 |
|
|
$ |
647,626 |
|
|
Franchise
royalties and fees |
5,706 |
|
|
4,898 |
|
|
|
|
|
|
|
|
Total revenue |
800,629 |
|
|
652,524 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (excluding depreciation and amortization shown
separately below): |
|
|
|
|
|
Food and beverage |
251,482 |
|
|
210,180 |
|
|
Labor |
258,036 |
|
|
241,079 |
|
|
Rent |
14,452 |
|
|
13,471 |
|
|
Other operating |
123,379 |
|
|
104,289 |
|
|
Pre-opening |
4,268 |
|
|
5,112 |
|
|
Depreciation and amortization |
30,869 |
|
|
29,054 |
|
|
Impairment and closure, net |
504 |
|
|
595 |
|
|
General and administrative |
36,712 |
|
|
32,954 |
|
|
|
|
|
|
|
|
Total costs and expenses |
719,702 |
|
|
636,734 |
|
|
|
|
|
|
|
|
Income from operations |
80,927 |
|
|
15,790 |
|
|
|
|
|
|
|
|
Interest expense, net |
1,460 |
|
|
69 |
|
Equity loss from investments in unconsolidated affiliates |
(217 |
) |
|
(508 |
) |
|
|
|
|
|
|
|
Income before taxes |
79,250 |
|
|
15,213 |
|
Income tax expense (benefit) |
12,820 |
|
|
(1,939 |
) |
|
|
|
|
|
|
|
Net income including noncontrolling interests |
66,430 |
|
|
17,152 |
|
Less: Net income attributable to noncontrolling interests |
2,280 |
|
|
1,123 |
|
Net income attributable to Texas Roadhouse, Inc. and
subsidiaries |
$ |
64,150 |
|
|
$ |
16,029 |
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse,
Inc. |
|
|
|
|
|
and subsidiaries: |
|
|
|
|
|
|
Basic |
$ |
0.92 |
|
|
$ |
0.23 |
|
|
Diluted |
$ |
0.91 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
Basic |
69,637 |
|
|
69,422 |
|
|
Diluted |
70,137 |
|
|
69,852 |
|
|
|
|
|
|
|
|
Cash dividends declared per share |
$ |
- |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Condensed
Consolidated Balance Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
March 30, 2021 |
|
December 29, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
495,646 |
|
|
$ |
363,155 |
Other current assets, net |
|
81,972 |
|
|
147,496 |
Property and equipment, net |
|
1,093,790 |
|
|
1,088,623 |
Operating lease right-of-use assets, net |
|
537,826 |
|
|
530,625 |
Goodwill |
|
127,001 |
|
|
127,001 |
Intangible assets, net |
|
2,071 |
|
|
2,271 |
Other assets |
|
68,422 |
|
|
65,990 |
|
|
|
|
|
|
|
Total assets |
|
$ |
2,406,728 |
|
|
$ |
2,325,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
50,000 |
|
|
50,000 |
Other current liabilities |
|
458,164 |
|
|
456,318 |
Operating lease liabilities, net of current portion |
|
580,005 |
|
|
572,171 |
Long-term debt, excluding current maturities |
|
190,000 |
|
|
190,000 |
Other liabilities |
|
118,541 |
|
|
113,621 |
Texas Roadhouse, Inc. and subsidiaries stockholders' equity |
|
993,621 |
|
|
927,505 |
Noncontrolling interests |
|
16,397 |
|
|
15,546 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
2,406,728 |
|
|
$ |
2,325,161 |
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
|
|
|
March 30, 2021 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
66,430 |
|
|
$ |
17,152 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
30,869 |
|
|
29,054 |
|
|
Share-based compensation expense |
|
9,908 |
|
|
7,247 |
|
|
Deferred income taxes |
|
1,025 |
|
|
433 |
|
|
Other noncash adjustments, net |
|
1,166 |
|
|
2,822 |
|
Change in working capital |
|
68,615 |
|
|
(34,992 |
) |
|
|
Net cash
provided by operating activities |
|
178,013 |
|
|
21,716 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital expenditures - property and equipment |
|
(38,666 |
) |
|
(46,672 |
) |
Proceeds from sale leaseback transactions |
|
2,192 |
|
|
2,167 |
|
|
|
Net cash
used in investing activities |
|
(36,474 |
) |
|
(44,505 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from revolving credit facility |
|
- |
|
|
190,000 |
|
Repurchase of shares of common stock |
|
- |
|
|
(12,621 |
) |
Dividends paid |
|
- |
|
|
(24,989 |
) |
Other financing activities, net |
|
(9,048 |
) |
|
(6,874 |
) |
|
|
Net cash
(used in) provided by financing activities |
|
(9,048 |
) |
|
145,516 |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
in cash and cash equivalents |
|
132,491 |
|
|
122,727 |
|
Cash and cash equivalents - beginning of period |
|
363,155 |
|
|
107,879 |
|
Cash and cash equivalents - end of period |
|
$ |
495,646 |
|
|
$ |
230,606 |
|
|
|
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
March 30, 2021 |
|
March 31, 2020 |
|
March 26, 2019 |
|
|
|
|
|
|
|
Income from operations |
|
$ |
80,927 |
|
|
$ |
15,790 |
|
|
$ |
60,445 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
Franchise
royalties and fees |
|
|
5,706 |
|
|
|
4,898 |
|
|
|
5,491 |
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
Pre-opening |
|
|
4,268 |
|
|
|
5,112 |
|
|
|
3,868 |
|
Depreciation
and amortization |
|
|
30,869 |
|
|
|
29,054 |
|
|
|
27,773 |
|
Impairment
and closure, net |
|
|
504 |
|
|
|
595 |
|
|
|
17 |
|
General and
administrative |
|
|
36,712 |
|
|
|
32,954 |
|
|
|
35,983 |
|
|
|
|
|
|
|
|
Restaurant
margin |
|
$ |
147,574 |
|
|
$ |
78,607 |
|
|
$ |
122,595 |
|
|
|
|
|
|
|
|
Restaurant
margin (as a percentage of restaurant and other sales) |
|
|
18.6 |
% |
|
|
12.1 |
% |
|
|
17.9 |
% |
|
|
|
|
|
|
|
Texas
Roadhouse, Inc. and Subsidiaries |
Supplemental
Financial and Operating Information |
($ amounts
in thousands, except weekly sales by group) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
Change |
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
vs 2020 |
|
|
|
|
Restaurant openings |
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
2 |
|
|
|
4 |
|
|
|
(2 |
) |
|
|
|
|
|
Company - Bubba's 33 |
|
1 |
|
|
|
1 |
|
|
|
0 |
|
|
|
|
|
|
Company - Jaggers |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
0 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
Total |
|
3 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter (1) |
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
505 |
|
|
|
488 |
|
|
|
17 |
|
|
|
|
|
|
Company - Bubba's 33 |
|
32 |
|
|
|
29 |
|
|
|
3 |
|
|
|
|
|
|
Company - Jaggers |
|
3 |
|
|
|
2 |
|
|
|
1 |
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
69 |
|
|
|
70 |
|
|
|
(1 |
) |
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
28 |
|
|
|
28 |
|
|
|
0 |
|
|
|
|
|
|
Total |
|
637 |
|
|
|
617 |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
Change |
|
Change |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
|
vs 2020 |
|
vs 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurants |
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
794,923 |
|
|
$ |
647,626 |
|
|
$ |
685,117 |
|
|
22.7 |
% |
|
16.0 |
% |
|
Store weeks |
|
6,995 |
|
|
|
6,721 |
|
|
|
6,386 |
|
|
4.1 |
% |
|
9.5 |
% |
|
Comparable restaurant sales (2) |
|
18.5 |
% |
|
|
(8.4 |
)% |
|
|
5.2 |
% |
|
|
|
|
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (2) |
|
18.3 |
% |
|
|
(8.2 |
)% |
|
|
5.1 |
% |
|
|
|
|
|
|
Average unit volume (3) |
$ |
1,509 |
|
|
$ |
1,284 |
|
|
$ |
1,403 |
|
|
17.5 |
% |
|
7.6 |
% |
|
|
Weekly sales
by group: |
|
|
|
|
|
|
|
|
Comparable restaurants (473, 452, and 429
units respectively) |
$ |
116,816 |
|
|
$ |
98,979 |
|
|
$ |
108,325 |
|
|
|
|
|
|
|
Average unit volume restaurants (4) (18,
20, and 22 units, respectively) |
$ |
96,780 |
|
|
$ |
91,373 |
|
|
$ |
97,746 |
|
|
|
|
|
|
|
Restaurants less than 6 months old (14, 16,
and 17 units, respectively) |
$ |
117,833 |
|
|
$ |
97,353 |
|
|
$ |
112,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant and other
sales) |
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
31.6 |
% |
|
|
32.5 |
% |
|
|
32.7 |
% |
|
(82 |
) bps |
|
(102 |
) bps |
Labor |
|
32.5 |
% |
|
|
37.2 |
% |
|
|
32.7 |
% |
|
(476 |
) bps |
|
(22 |
) bps |
Rent |
|
1.8 |
% |
|
|
2.1 |
% |
|
|
1.9 |
% |
|
(26 |
) bps |
|
(10 |
) bps |
Other operating |
|
15.5 |
% |
|
|
16.1 |
% |
|
|
14.9 |
% |
|
(58 |
) bps |
|
66 |
bps |
Total |
|
81.4 |
% |
|
|
87.9 |
% |
|
|
82.1 |
% |
|
(643 |
) bps |
|
(67 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
18.6 |
% |
|
|
12.1 |
% |
|
|
17.9 |
% |
|
643 |
bps |
|
67 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin ($ in thousands) |
$ |
147,574 |
|
|
$ |
78,607 |
|
|
$ |
122,595 |
|
|
87.7 |
% |
|
20.4 |
% |
|
Restaurant margin $/Store week |
$ |
21,097 |
|
|
$ |
11,695 |
|
|
$ |
19,197 |
|
|
80.4 |
% |
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise restaurants |
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees |
$ |
5,706 |
|
|
$ |
4,898 |
|
|
$ |
5,491 |
|
|
16.5 |
% |
|
3.9 |
% |
|
Store weeks |
|
1,261 |
|
|
|
1,263 |
|
|
|
1,191 |
|
|
(0.2 |
)% |
|
5.9 |
% |
|
Comparable restaurant sales (2) |
|
13.2 |
% |
|
|
(9.4 |
)% |
|
|
2.8 |
% |
|
|
|
|
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurant sales (2) |
|
15.2 |
% |
|
|
(8.5 |
)% |
|
|
4.3 |
% |
|
|
|
|
|
|
Average unit
volume (3) |
$ |
1,545 |
|
|
$ |
1,335 |
|
|
$ |
1,450 |
|
|
15.8 |
% |
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense |
$ |
4,268 |
|
|
$ |
5,112 |
|
|
$ |
3,868 |
|
|
(16.5 |
)% |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
30,869 |
|
|
$ |
29,054 |
|
|
$ |
27,773 |
|
|
6.2 |
% |
|
11.1 |
% |
|
As a % of revenue |
|
3.9 |
% |
|
|
4.5 |
% |
|
|
4.0 |
% |
|
(60 |
) bps |
|
(17 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
$ |
36,712 |
|
|
$ |
32,954 |
|
|
$ |
35,983 |
|
|
11.4 |
% |
|
2.0 |
% |
|
As a % of revenue |
|
4.6 |
% |
|
|
5.1 |
% |
|
|
5.2 |
% |
|
(46 |
)
bps |
|
(63 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 2021 includes four
Franchise - Texas Roadhouse - International restaurants that are
temporarily closed. 2020 included one domestic Company - Texas
Roadhouse and 22 Franchise - Texas Roadhouse - International
locations that were temporarily closed. |
(2) Comparable
restaurant sales reflect 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 permanently
closed during the period. |
(3) Average unit
volume includes sales from Texas Roadhouse restaurants open for a
full six months before the beginning of the period measured,
excluding sales from restaurants permanently closed during the
period. |
(4) 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. |
Texas Roadhouse (NASDAQ:TXRH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Texas Roadhouse (NASDAQ:TXRH)
Historical Stock Chart
From Sep 2023 to Sep 2024