Texas Roadhouse, Inc. Announces Fourth Quarter 2019 Results
February 20 2020 - 04:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial
results for the 14 and 53 week periods ended December 31,
2019.
|
Fourth Quarter |
|
Year to Date |
($000's) |
2019 |
2018 |
% Change |
|
2019 |
2018 |
% Change |
|
|
|
|
|
|
|
|
Total revenue |
$ |
725,238 |
$ |
605,912 |
19.7 |
% |
|
$ |
2,756,163 |
$ |
2,457,449 |
12.2 |
% |
Income from operations |
|
53,411 |
|
33,207 |
60.8 |
% |
|
|
212,023 |
|
187,789 |
12.9 |
% |
Net income |
|
42,686 |
|
30,332 |
40.7 |
% |
|
|
174,452 |
|
158,225 |
10.3 |
% |
Diluted EPS |
$ |
0.61 |
$ |
0.42 |
45.4 |
% |
|
$ |
2.46 |
$ |
2.20 |
11.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Fourth quarter and full year 2019 results include 14
and 53 weeks, respectively, compared to 13 and 52 weeks in the
fourth quarter and full year of 2018, respectively.
Results for the fourth quarter included the following
highlights:
- Comparable restaurant sales increased 4.4% at company
restaurants and 3.4% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, increased 117 basis points to 17.1% as the benefit of the
53rd week, a higher average check, and labor productivity were
partially offset by wage rate and commodity inflation.
Restaurant margin dollars increased 28.6% to $122.9 million from
$95.6 million in the prior year;
- Diluted earnings per share increased 45.4% to $0.61 from $0.42
in the prior year. Diluted earnings per share were positively
impacted by $0.10 to $0.11 as a result of the 53rd week;
- 11 company restaurants, including two Bubba’s 33 restaurants,
and three international franchise restaurants were opened; and
- The Company repurchased 170,187 shares of common stock for $8.9
million.
Results for the year-to-date period included the following
highlights:
- Comparable restaurant sales increased 4.7% at company
restaurants and 3.8% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased six basis points to 17.3%, as higher labor costs
driven by wage rate and other inflation was offset by lower cost of
sales due to the benefit of a higher average check.
Restaurant margin dollars increased 11.8% to $474.2 million from
$424.2 million in the prior year;
- Diluted earnings per share increased 11.9% to $2.46 from $2.20
in the prior year. Diluted earnings per share were positively
impacted by $0.10 to $0.11 as a result of the 53rd week;
- 22 company restaurants, including three Bubba’s 33 restaurants,
and nine, primarily international, franchise restaurants were
opened; and
- The Company repurchased 2,625,245 shares of common stock for
$139.8 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc.,
commented, “We are very pleased to end the year on a strong note,
highlighted by our double digit revenue growth and improved
restaurant margins in the second half of the year. Fourth
quarter comparable restaurant sales grew 4.4% at company
restaurants, which represents our 40th consecutive quarter of
growth. This is certainly a credit to our operators, who for
10 straight years have found ways to continue to grow sales.
In addition, our healthy cash flow allowed us to increase our
quarterly cash dividend to $0.36 per share in 2020 which is our
seventh straight year of increasing our dividends by double
digits.”
Taylor continued, “We are off to a solid start in 2020, with
comparable restaurant sales growth of 6.4% for the first seven
weeks of the year. In addition, our development pipeline
remains strong and we continue to target at least 30 company
restaurant openings for the year.”
2020 Outlook
Comparable restaurant sales at company
restaurants for the first seven weeks of our first quarter of
fiscal 2020 increased 6.4% compared to the prior year period.
Management reiterated the following expectations
for 2020:
- Positive comparable restaurant sales growth;
- At least 30 company restaurant openings;
- Store week growth of 3.5% to 4.5%, including the negative
impact of lapping the 53rd week from 2019;
- Commodity cost inflation of 1.0% to 2.0%;
- Mid-single digit growth in labor dollars per store week;
and
- An income tax rate of 14.0% to 15.0%.
Management updated the following expectations
for 2020:
- Total capital expenditures of $210 million to $220
million.
Cash Dividend Payment
On February 20, 2020, our Board of Directors
authorized the payment of a quarterly cash dividend of $0.36 per
share of common stock. This payment, which will be
distributed on March 27, 2020 to shareholders of record at the
close of business on March 11, 2020, represents a 20% increase from
the cash dividend of $0.30 per share of common stock declared
during each quarter of 2019. Since the inception of our
dividend program in 2011, our cash dividend per share of common
stock has increased an average of 18.2% 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 and other 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, 2020 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 8963721 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 610 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 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, except as required by applicable
law.
Contacts:
Investor RelationsTonya Robinson(502)
515-7269
MediaTravis Doster(502) 638-5457
Texas Roadhouse, Inc. and
SubsidiariesCondensed Consolidated Statements of
Income(in thousands, except per share
data)(unaudited) |
|
|
14 and 13 Weeks Ended |
|
53 and 52 Weeks Ended |
|
December 31, 2019 |
|
December 25, 2018 |
|
December 31, 2019 |
|
December 25, 2018 |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
719,457 |
|
|
$ |
600,936 |
|
$ |
2,734,177 |
|
|
$ |
2,437,115 |
|
Franchise royalties and fees |
|
5,781 |
|
|
|
4,976 |
|
|
21,986 |
|
|
|
20,334 |
|
|
|
|
|
|
|
|
|
Total revenue |
|
725,238 |
|
|
|
605,912 |
|
|
2,756,163 |
|
|
|
2,457,449 |
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
Cost of sales |
|
233,221 |
|
|
|
196,476 |
|
|
883,357 |
|
|
|
795,300 |
|
Labor |
|
237,902 |
|
|
|
200,086 |
|
|
905,614 |
|
|
|
793,384 |
|
Rent |
|
13,358 |
|
|
|
12,491 |
|
|
52,531 |
|
|
|
48,791 |
|
Other operating |
|
112,093 |
|
|
|
96,295 |
|
|
418,448 |
|
|
|
375,477 |
|
Pre-opening |
|
7,355 |
|
|
|
5,522 |
|
|
20,156 |
|
|
|
19,051 |
|
Depreciation and amortization |
|
30,970 |
|
|
|
25,724 |
|
|
115,544 |
|
|
|
101,216 |
|
Impairment and closure, net |
|
(1,293 |
) |
|
|
150 |
|
|
(899 |
) |
|
|
278 |
|
General and administrative |
|
38,221 |
|
|
|
35,961 |
|
|
149,389 |
|
|
|
136,163 |
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
671,827 |
|
|
|
572,705 |
|
|
2,544,140 |
|
|
|
2,269,660 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
53,411 |
|
|
|
33,207 |
|
|
212,023 |
|
|
|
187,789 |
|
|
|
|
|
|
|
|
|
Interest (expense) income,
net |
|
(12 |
) |
|
|
219 |
|
|
1,514 |
|
|
|
(591 |
) |
Equity income from investments in
unconsolidated affiliates |
|
278 |
|
|
|
203 |
|
|
378 |
|
|
|
1,353 |
|
|
|
|
|
|
|
|
|
Income before taxes |
|
53,677 |
|
|
|
33,629 |
|
|
213,915 |
|
|
|
188,551 |
|
Provision for income taxes |
|
9,066 |
|
|
|
1,936 |
|
|
32,397 |
|
|
|
24,257 |
|
|
|
|
|
|
|
|
|
Net income including
noncontrolling interests |
|
44,611 |
|
|
|
31,693 |
|
|
181,518 |
|
|
|
164,294 |
|
Less: Net income attributable to
noncontrolling interests |
|
1,925 |
|
|
|
1,361 |
|
|
7,066 |
|
|
|
6,069 |
|
Net income attributable to Texas
Roadhouse, Inc. and subsidiaries |
$ |
42,686 |
|
|
$ |
30,332 |
|
$ |
174,452 |
|
|
$ |
158,225 |
|
|
|
|
|
|
|
|
|
Net income per common share
attributable to Texas Roadhouse, Inc. and subsidiaries: |
|
|
|
|
|
|
|
Basic |
$ |
0.61 |
|
|
$ |
0.42 |
|
$ |
2.47 |
|
|
$ |
2.21 |
|
Diluted |
$ |
0.61 |
|
|
$ |
0.42 |
|
$ |
2.46 |
|
|
$ |
2.20 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
69,431 |
|
|
|
71,584 |
|
|
70,509 |
|
|
|
71,467 |
|
Diluted |
|
69,888 |
|
|
|
72,182 |
|
|
70,916 |
|
|
|
71,964 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
$ |
0.30 |
|
|
$ |
0.25 |
|
$ |
1.20 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
December 31, 2019 |
|
December 25, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
107,879 |
|
|
$ |
210,125 |
|
Other current assets, net |
|
140,020 |
|
|
|
134,894 |
|
Property and equipment,
net |
|
1,056,563 |
|
|
|
956,676 |
|
Operating lease right-of-use
asset, net |
|
499,801 |
|
|
|
- |
|
Goodwill |
|
124,748 |
|
|
|
123,220 |
|
Intangible assets, net |
|
1,234 |
|
|
|
1,959 |
|
Other assets |
|
53,320 |
|
|
|
42,402 |
|
|
|
|
|
|
|
Total assets |
$ |
1,983,565 |
|
|
$ |
1,469,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
417,220 |
|
|
|
385,142 |
|
Operating lease liabilities,
net of current portion |
|
538,710 |
|
|
|
- |
|
Other liabilities |
|
96,466 |
|
|
|
123,426 |
|
Texas Roadhouse, Inc. and
subsidiaries stockholders' equity |
|
915,994 |
|
|
|
945,569 |
|
Noncontrolling interests |
|
15,175 |
|
|
|
15,139 |
|
|
|
|
|
|
|
Total liabilities and
equity |
$ |
1,983,565 |
|
|
$ |
1,469,276 |
|
|
|
|
|
|
|
Note: Beginning in 2019, we adopted
Accounting Standards Codification 842, Leases, which requires the
recognition of an operating lease right-of-use asset and operating
lease liability for virtually all leases. |
|
Texas Roadhouse, Inc. and SubsidiariesCondensed
Consolidated Statements of Cash Flows(in
thousands)(unaudited) |
|
|
|
|
|
53 and 52 Weeks Ended |
|
December 31, 2019 |
|
December 25, 2018 |
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income including noncontrolling interests |
$ |
181,518 |
|
|
$ |
164,294 |
|
Adjustments to reconcile net
income to net cash provided by operating activities |
|
|
|
Depreciation and amortization |
|
115,544 |
|
|
|
101,216 |
|
Share-based compensation expense |
|
35,500 |
|
|
|
33,983 |
|
Other noncash adjustments, net |
|
12,374 |
|
|
|
18,726 |
|
Change in working capital |
|
29,362 |
|
|
|
34,649 |
|
Net cash provided by operating activities |
|
374,298 |
|
|
|
352,868 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Capital expenditures - property
and equipment |
|
(214,340 |
) |
|
|
(155,980 |
) |
Acquisition of franchise
restaurants, net of cash acquired |
|
(1,536 |
) |
|
|
(2,165 |
) |
Proceeds from sale of property
and equipment |
|
1,056 |
|
|
|
- |
|
Net cash used in investing activities |
|
(214,820 |
) |
|
|
(158,145 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Principal payments on long-term
debt |
|
- |
|
|
|
(50,000 |
) |
Repurchase of shares of common
stock |
|
(139,849 |
) |
|
|
- |
|
Dividends paid |
|
(102,366 |
) |
|
|
(68,550 |
) |
Other financing activities,
net |
|
(19,509 |
) |
|
|
(16,966 |
) |
Net cash used in financing activities |
|
(261,724 |
) |
|
|
(135,516 |
) |
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(102,246 |
) |
|
|
59,207 |
|
Cash and cash equivalents -
beginning of period |
|
210,125 |
|
|
|
150,918 |
|
Cash and cash equivalents - end
of period |
$ |
107,879 |
|
|
$ |
210,125 |
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
14 and 13 Weeks Ended |
|
53 and 52 Weeks Ended |
|
December 31, 2019 |
|
December 25, 2018 |
|
December 31, 2019 |
|
December 25, 2018 |
|
|
|
|
|
|
|
|
Income from operations |
$ |
53,411 |
|
|
$ |
33,207 |
|
|
$ |
212,023 |
|
|
$ |
187,789 |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
5,781 |
|
|
|
4,976 |
|
|
|
21,986 |
|
|
|
20,334 |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
Pre-opening |
|
7,355 |
|
|
|
5,522 |
|
|
|
20,156 |
|
|
|
19,051 |
|
Depreciation and
amortization |
|
30,970 |
|
|
|
25,724 |
|
|
|
115,544 |
|
|
|
101,216 |
|
Impairment and closure,
net |
|
(1,293 |
) |
|
|
150 |
|
|
|
(899 |
) |
|
|
278 |
|
General and
administrative |
|
38,221 |
|
|
|
35,961 |
|
|
|
149,389 |
|
|
|
136,163 |
|
|
|
|
|
|
|
|
|
Restaurant margin |
$ |
122,883 |
|
|
$ |
95,588 |
|
|
$ |
474,227 |
|
|
$ |
424,163 |
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant and other sales) |
|
17.1 |
% |
|
|
15.9 |
% |
|
|
17.3 |
% |
|
|
17.4 |
% |
|
|
|
|
|
|
|
|
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 |
|
|
2019 |
|
2018 |
|
vs LY |
|
|
2019 |
|
2018 |
|
vs LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
9 |
|
|
|
10 |
|
|
(1 |
) |
|
|
|
19 |
|
|
|
23 |
|
|
(4 |
) |
|
Company - Bubba's 33 |
|
2 |
|
|
|
1 |
|
|
1 |
|
|
|
|
3 |
|
|
|
5 |
|
|
(2 |
) |
|
Company - Other |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
Franchise - Texas Roadhouse - U.S. |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
1 |
|
|
|
0 |
|
|
1 |
|
|
Franchise - Texas Roadhouse - International |
|
3 |
|
|
|
1 |
|
|
2 |
|
|
|
|
8 |
|
|
|
5 |
|
|
3 |
|
|
Total |
|
14 |
|
|
|
12 |
|
|
2 |
|
|
|
|
31 |
|
|
|
33 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
1 |
|
|
|
1 |
|
|
0 |
|
|
|
|
1 |
|
|
|
1 |
|
|
0 |
|
|
Franchise |
|
(1 |
) |
|
|
(1 |
) |
|
0 |
|
|
|
|
(1 |
) |
|
|
(1 |
) |
|
0 |
|
|
Total |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant closures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
Franchise - Texas Roadhouse - International |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
(2 |
) |
|
|
0 |
|
|
(2 |
) |
|
Total |
|
0 |
|
|
|
0 |
|
|
0 |
|
|
|
|
(2 |
) |
|
|
0 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of
the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
484 |
|
|
|
464 |
|
|
20 |
|
|
|
|
|
|
|
|
|
Company - Bubba's 33 |
|
28 |
|
|
|
25 |
|
|
3 |
|
|
|
|
|
|
|
|
|
Company - Other |
|
2 |
|
|
|
2 |
|
|
0 |
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - U.S. |
|
69 |
|
|
|
69 |
|
|
0 |
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse - International |
|
28 |
|
|
|
22 |
|
|
6 |
|
|
|
|
|
|
|
|
|
Total |
|
611 |
|
|
|
582 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other sales |
$ |
719,457 |
|
|
$ |
600,936 |
|
|
19.7 |
|
% |
|
$ |
2,734,177 |
|
|
$ |
2,437,115 |
|
|
12.2 |
|
% |
Store weeks |
|
7,118 |
|
|
|
6,307 |
|
|
12.9 |
|
% |
|
|
26,473 |
|
|
|
24,693 |
|
|
7.2 |
|
% |
Comparable restaurant sales growth (1) |
|
4.4 |
|
% |
|
5.6 |
|
% |
|
|
|
4.7 |
|
% |
|
5.4 |
|
% |
|
Texas Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
|
4.3 |
|
% |
|
5.6 |
|
% |
|
|
|
4.6 |
|
% |
|
5.4 |
|
% |
|
Average unit volume (2) |
$ |
1,434 |
|
|
$ |
1,251 |
|
|
14.6 |
|
% |
|
$ |
5,555 |
|
|
$ |
5,209 |
|
|
6.6 |
|
% |
Average unit volume, 2018 adjusted (3) |
$ |
1,434 |
|
|
$ |
1,380 |
|
|
4.0 |
|
% |
|
$ |
5,555 |
|
|
$ |
5,338 |
|
|
4.1 |
|
% |
Weekly sales by group: |
|
|
|
|
|
|
|
|
|
Comparable restaurants (448 units) |
$ |
102,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (21 units) (4) |
$ |
94,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (15 units) |
$ |
106,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as
a % of restaurant and other sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
32.4 |
|
% |
|
32.7 |
|
% |
(28 |
) |
bps |
|
|
32.3 |
|
% |
|
32.6 |
|
% |
(32 |
) |
bps |
Labor |
|
33.1 |
|
% |
|
33.3 |
|
% |
(23 |
) |
bps |
|
|
33.1 |
|
% |
|
32.6 |
|
% |
57 |
|
bps |
Rent |
|
1.9 |
|
% |
|
2.1 |
|
% |
(22 |
) |
bps |
|
|
1.9 |
|
% |
|
2.0 |
|
% |
(8 |
) |
bps |
Other operating |
|
15.6 |
|
% |
|
16.0 |
|
% |
(44 |
) |
bps |
|
|
15.3 |
|
% |
|
15.4 |
|
% |
(10 |
) |
bps |
Total |
|
82.9 |
|
% |
|
84.1 |
|
% |
(117 |
) |
bps |
|
|
82.7 |
|
% |
|
82.6 |
|
% |
6 |
|
bps |
Restaurant margin |
|
17.1 |
|
% |
|
15.9 |
|
% |
117 |
|
bps |
|
|
17.3 |
|
% |
|
17.4 |
|
% |
(6 |
) |
bps |
Restaurant margin ($ in thousands) |
$ |
122,883 |
|
|
$ |
95,588 |
|
|
28.6 |
|
% |
|
$ |
474,227 |
|
|
$ |
424,163 |
|
|
11.8 |
|
% |
Restaurant margin $/Store week |
$ |
17,264 |
|
|
$ |
15,156 |
|
|
13.9 |
|
% |
|
$ |
17,914 |
|
|
$ |
17,177 |
|
|
4.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees |
$ |
5,781 |
|
|
$ |
4,976 |
|
|
16.2 |
|
% |
|
$ |
21,986 |
|
|
$ |
20,334 |
|
|
8.1 |
|
% |
Store weeks |
|
1,330 |
|
|
|
1,192 |
|
|
11.6 |
|
% |
|
|
4,953 |
|
|
|
4,670 |
|
|
6.1 |
|
% |
Comparable restaurant sales growth (1) |
|
3.0 |
|
% |
|
2.7 |
|
% |
|
|
|
3.0 |
|
% |
|
2.2 |
|
% |
|
U.S. franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
|
3.4 |
|
% |
|
4.8 |
|
% |
|
|
|
3.8 |
|
% |
|
4.3 |
|
% |
|
Average unit volume (2) |
$ |
1,489 |
|
|
$ |
1,308 |
|
|
13.8 |
|
% |
|
$ |
5,732 |
|
|
$ |
5,389 |
|
|
6.4 |
|
% |
Average unit volume, 2018 adjusted (3) |
$ |
1,489 |
|
|
$ |
1,440 |
|
|
3.4 |
|
% |
|
$ |
5,732 |
|
|
$ |
5,521 |
|
|
3.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense |
$ |
7,355 |
|
|
$ |
5,522 |
|
|
33.2 |
|
% |
|
$ |
20,156 |
|
|
$ |
19,051 |
|
|
5.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
$ |
30,970 |
|
|
$ |
25,724 |
|
|
20.4 |
|
% |
|
$ |
115,544 |
|
|
$ |
101,216 |
|
|
14.2 |
|
% |
As a % of revenue |
|
4.3 |
|
% |
|
4.2 |
|
% |
2 |
|
bps |
|
|
4.2 |
|
% |
|
4.1 |
|
% |
7 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
$ |
38,221 |
|
|
$ |
35,961 |
|
|
6.3 |
|
% |
|
$ |
149,389 |
|
|
$ |
136,163 |
|
|
9.7 |
|
% |
As a % of revenue |
|
5.3 |
|
% |
|
5.9 |
|
% |
(66 |
) |
bps |
|
|
5.4 |
|
% |
|
5.5 |
|
% |
(12 |
) |
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.
Q4 2019 and 2019 YTD include 14 and 53 weeks, respectively, while
Q4 2018 and 2018 YTD include 13 and 52 weeks. |
(3) For
comparative purposes, Q4 2018 and 2018 YTD were adjusted to include
14 and 53 weeks, respectively. |
(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. |
|
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