Texas Roadhouse, Inc. Announces Third Quarter 2018 Results
October 29 2018 - 4:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial
results for the 13 and 39 week periods ended September 25, 2018.
|
|
Third Quarter |
|
Year to Date |
($000's) |
|
2018 |
2017 |
% Change |
|
2018 |
2017 |
% Change |
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
594,595 |
$ |
540,507 |
10.0 |
% |
|
$ |
1,851,537 |
$ |
1,674,455 |
10.6 |
% |
Income from
operations |
|
35,444 |
|
45,511 |
(22.1 |
%) |
|
|
154,582 |
|
148,747 |
3.9 |
% |
Net income |
|
|
29,125 |
|
31,014 |
(6.1 |
%) |
|
|
127,893 |
|
102,908 |
24.3 |
% |
Diluted EPS |
|
$ |
0.40 |
$ |
0.43 |
(6.7 |
%) |
|
$ |
1.78 |
$ |
1.44 |
23.5 |
% |
|
|
|
|
|
|
|
|
|
Results for the third quarter included the
following highlights:
- Comparable restaurant sales increased 5.5% at company
restaurants and 4.2% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 157 basis points to 16.2%, primarily due to higher
labor costs, including the impact of insurance reserve
adjustments. Restaurant margin dollars increased 0.3% to
$95.8 million from $95.6 million in the prior year;
- Diluted earnings per share decreased 6.7% to $0.40 from $0.43
in the prior year primarily due to higher labor costs and higher
general and administrative expenses partially offset by higher
revenues and lower income tax expense; and
- Three company restaurants and one international franchise
restaurant were opened.
Results for the year-to-date period included the
following highlights:
- Comparable restaurant sales increased 5.4% at company
restaurants and 4.1% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 102 basis points to 17.9%, primarily due to higher
labor costs. Restaurant margin dollars increased 4.6% to
$328.6 million from $314.3 million in the prior year;
- Diluted earnings per share increased 23.5% to $1.78 from $1.44
in the prior year primarily due to higher revenues and lower income
tax expense partially offset by higher labor costs. In
addition, we recorded a pre-tax charge of $14.9 million ($9.2
million after-tax), or $0.13 per diluted share, in the first
quarter of 2017, related to the settlement of a legal matter;
and
- 17 company restaurants, including four Bubba’s 33 restaurants,
and four international franchise restaurants were opened.
Kent Taylor, Chief Executive Officer of Texas
Roadhouse, Inc., commented, "Our top-line momentum continued this
quarter highlighted by positive comparable restaurant sales, driven
by positive traffic growth. However, restaurant-level
performance continues to be pressured by higher labor costs.
Despite the earnings decline this quarter, 2018 is still shaping up
to be a good year for Texas Roadhouse."
Taylor continued, "Our new restaurant pipeline
is solid and we feel good about our development plans for
2019. We are confident that our business is well positioned
for long-term sales and profit growth. In addition, our
healthy cash flow generation allows us to fund our new restaurant
growth through internal cash flow, while also returning excess
capital to our shareholders through our dividend program, further
driving shareholder value."
2018 Outlook
Comparable restaurant sales at company
restaurants for the first four weeks of our fourth quarter of
fiscal 2018 increased approximately 4.0% compared to the prior year
period.
Management updated the following expectation for
2018:
- Total capital expenditures of approximately $160.0 million to
$165.0 million.
Management reiterated the following expectations
for 2018:
- Positive comparable restaurant sales growth;
- 27 or 28 company restaurant openings, including five Bubba’s 33
restaurants;
- Commodity cost inflation of approximately 1.0%;
- Mid-single digit growth in labor dollars per store week,
excluding the impact of higher guest counts; and
- An income tax rate of 14.0% to 15.0%.
2019 Outlook
Management provided the following initial
expectations for 2019 which includes a 53rd week:
- Positive comparable restaurant sales growth;
- 25 to 30 company restaurant openings, including four Bubba’s 33
restaurants;
- Commodity cost inflation of approximately 1.0% to 2.0%;
- Mid-single digit growth in labor dollars per store week,
excluding the impact of higher guest counts;
- An income tax rate of 14.0% to 15.0%; and
- Total capital expenditures of approximately $165.0 million to
$175.0 million.
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, October 29, 2018 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 5569057 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 575 restaurants
system-wide in 49 states and nine 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.
Contacts:
Investor RelationsTonya 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 |
|
39 Weeks Ended |
|
|
|
September 25, 2018 |
|
|
September 26, 2017 |
|
September 25, 2018 |
|
|
September 26, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Restaurant
and other sales |
$ |
589,704 |
|
|
|
$ |
536,341 |
|
|
$ |
1,836,179 |
|
|
|
$ |
1,661,821 |
|
|
Franchise
royalties and fees |
|
4,891 |
|
|
|
|
4,166 |
|
|
|
15,358 |
|
|
|
|
12,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
594,595 |
|
|
|
|
540,507 |
|
|
|
1,851,537 |
|
|
|
|
1,674,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (excluding depreciation and amortization shown
separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
191,990 |
|
|
|
|
176,498 |
|
|
|
598,824 |
|
|
|
|
545,862 |
|
|
|
Labor |
|
197,621 |
|
|
|
|
169,355 |
|
|
|
593,298 |
|
|
|
|
514,287 |
|
|
|
Rent |
|
12,330 |
|
|
|
|
11,257 |
|
|
|
36,300 |
|
|
|
|
33,238 |
|
|
|
Other operating |
|
91,946 |
|
|
|
|
83,679 |
|
|
|
279,182 |
|
|
|
|
254,176 |
|
|
Pre-opening |
|
4,378 |
|
|
|
|
4,548 |
|
|
|
13,529 |
|
|
|
|
14,302 |
|
|
Depreciation and amortization |
|
25,843 |
|
|
|
|
23,534 |
|
|
|
75,492 |
|
|
|
|
69,236 |
|
|
Impairment
and closure |
|
20 |
|
|
|
|
2 |
|
|
|
128 |
|
|
|
|
13 |
|
|
General and
administrative |
|
35,023 |
|
|
|
|
26,123 |
|
|
|
100,202 |
|
|
|
|
94,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs
and expenses |
|
559,151 |
|
|
|
|
494,996 |
|
|
|
1,696,955 |
|
|
|
|
1,525,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
35,444 |
|
|
|
|
45,511 |
|
|
|
154,582 |
|
|
|
|
148,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
168 |
|
|
|
|
500 |
|
|
|
810 |
|
|
|
|
1,211 |
|
Equity
income from investments in |
|
|
|
|
|
|
|
|
|
|
unconsolidated affiliates |
|
(381 |
) |
|
|
|
(359 |
) |
|
|
(1,150 |
) |
|
|
|
(1,149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
35,657 |
|
|
|
|
45,370 |
|
|
|
154,922 |
|
|
|
|
148,685 |
|
Provision
for income taxes |
|
5,398 |
|
|
|
|
13,046 |
|
|
|
22,321 |
|
|
|
|
41,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
including noncontrolling interests |
|
30,259 |
|
|
|
|
32,324 |
|
|
|
132,601 |
|
|
|
|
107,526 |
|
Less: Net
income attributable to noncontrolling interests |
|
1,134 |
|
|
|
|
1,310 |
|
|
|
4,708 |
|
|
|
|
4,618 |
|
Net income
attributable to Texas Roadhouse, Inc. and subsidiaries |
$ |
29,125 |
|
|
|
$ |
31,014 |
|
|
$ |
127,893 |
|
|
|
$ |
102,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share attributable to Texas Roadhouse, Inc. |
|
|
|
|
|
|
|
|
|
and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.41 |
|
|
|
$ |
0.44 |
|
|
$ |
1.79 |
|
|
|
$ |
1.45 |
|
|
Diluted |
$ |
0.40 |
|
|
|
$ |
0.43 |
|
|
$ |
1.78 |
|
|
|
$ |
1.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
71,508 |
|
|
|
|
71,067 |
|
|
|
71,429 |
|
|
|
|
70,939 |
|
|
Diluted |
|
72,006 |
|
|
|
|
71,532 |
|
|
|
71,906 |
|
|
|
|
71,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared per share |
$ |
0.25 |
|
|
|
$ |
0.21 |
|
|
$ |
0.75 |
|
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
Condensed Consolidated Balance
Sheets |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 25, 2018 |
|
|
December 26, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
151,190 |
|
|
$ |
150,918 |
|
|
Other
current assets, net |
|
|
64,965 |
|
|
|
106,163 |
|
|
Property
and equipment, net |
|
|
940,955 |
|
|
|
912,147 |
|
|
Goodwill |
|
|
121,040 |
|
|
|
121,040 |
|
|
Intangible
assets, net |
|
|
2,144 |
|
|
|
2,700 |
|
|
Other
assets |
|
|
44,532 |
|
|
|
37,655 |
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,324,826 |
|
|
$ |
1,330,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt and obligation under capital
lease |
|
10 |
|
|
|
9 |
|
|
Other
current liabilities |
|
|
272,467 |
|
|
|
329,989 |
|
|
Long-term
debt and obligation under capital lease, excluding current
maturities |
|
1,973 |
|
|
|
51,981 |
|
|
Other
liabilities, net |
|
|
109,078 |
|
|
|
97,253 |
|
|
Texas
Roadhouse, Inc. and subsidiaries stockholders' equity |
|
|
926,255 |
|
|
|
839,079 |
|
|
Noncontrolling interests |
|
|
15,043 |
|
|
|
12,312 |
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
$ |
1,324,826 |
|
|
$ |
1,330,623 |
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended |
|
|
|
|
September 25, 2018 |
|
|
September 26, 2017 |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
Net income
including noncontrolling interests |
|
$ |
132,601 |
|
|
|
$ |
107,526 |
|
Adjustments
to reconcile net income to net cash provided by operating
activities |
|
|
Depreciation and
amortization |
|
|
75,492 |
|
|
|
|
69,236 |
|
|
Share-based
compensation expense |
|
|
24,820 |
|
|
|
|
18,826 |
|
|
Other
noncash adjustments, net |
|
|
6,872 |
|
|
|
|
(2,702 |
) |
Change in
working capital |
|
|
(14,206 |
) |
|
|
|
(4,816 |
) |
|
Net cash provided by
operating activities |
|
|
225,579 |
|
|
|
|
188,070 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Capital
expenditures - property and equipment |
|
|
(110,906 |
) |
|
|
|
(117,037 |
) |
Acquisition
of franchise restaurants, net of cash acquired |
|
|
- |
|
|
|
|
(16,528 |
) |
|
Net cash used in
investing activities |
|
|
(110,906 |
) |
|
|
|
(133,565 |
) |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Dividends
paid |
|
|
(50,666 |
) |
|
|
|
(43,223 |
) |
Other
financing activities, net |
|
|
(63,735 |
) |
|
|
|
(9,790 |
) |
|
Net cash used in
financing activities |
|
|
(114,401 |
) |
|
|
|
(53,013 |
) |
|
|
|
|
|
|
Net increase in cash
and cash equivalents |
|
|
272 |
|
|
|
|
1,492 |
|
Cash and
cash equivalents - beginning of period |
|
|
150,918 |
|
|
|
|
112,944 |
|
Cash and
cash equivalents - end of period |
|
$ |
151,190 |
|
|
|
$ |
114,436 |
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
Reconciliation of Income from Operations to
Restaurant Margin |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
|
September 25, 2018 |
|
September 26, 2017 |
|
September 25, 2018 |
|
September 26, 2017 |
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
35,444 |
|
|
$ |
45,511 |
|
|
$ |
154,582 |
|
|
$ |
148,747 |
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
|
4,891 |
|
|
|
4,166 |
|
|
|
15,358 |
|
|
|
12,634 |
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Pre-opening |
|
|
4,378 |
|
|
|
4,548 |
|
|
|
13,529 |
|
|
|
14,302 |
|
Depreciation and
amortization |
|
|
25,843 |
|
|
|
23,534 |
|
|
|
75,492 |
|
|
|
69,236 |
|
Impairment and
closure |
|
|
20 |
|
|
|
2 |
|
|
|
128 |
|
|
|
13 |
|
General and
administrative |
|
|
35,023 |
|
|
|
26,123 |
|
|
|
100,202 |
|
|
|
94,594 |
|
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
$ |
95,817 |
|
|
$ |
95,552 |
|
|
$ |
328,575 |
|
|
$ |
314,258 |
|
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant and other sales) |
|
|
16.2 |
% |
|
|
17.8 |
% |
|
|
17.9 |
% |
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
Supplemental Financial and Operating
Information |
|
($ amounts in thousands, except weekly sales
by group) |
|
(unaudited) |
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Third Quarter |
|
Change |
|
Year to Date |
|
Change |
|
2018 |
|
2017 |
|
vs LY |
|
2018 |
|
2017 |
|
vs LY |
|
|
|
|
|
|
|
|
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
3 |
|
5 |
|
(2) |
|
13 |
|
16 |
|
(3) |
|
Company - Bubba's 33 |
0 |
|
2 |
|
(2) |
|
4 |
|
4 |
|
0 |
|
Company -
Other |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Franchise -
Texas Roadhouse - U.S. |
0 |
|
0 |
|
0 |
|
0 |
|
1 |
|
(1) |
|
Franchise -
Texas Roadhouse - International |
1 |
|
1 |
|
0 |
|
4 |
|
2 |
|
2 |
|
Total |
4 |
|
8 |
|
(4) |
|
21 |
|
23 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
0 |
|
0 |
|
0 |
|
0 |
|
4 |
|
(4) |
|
Franchise -
Texas Roadhouse |
0 |
|
0 |
|
0 |
|
0 |
|
(4) |
|
4 |
|
Total |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants
open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
453 |
|
433 |
|
20 |
|
|
|
|
|
|
|
|
Company -
Bubba's 33 |
24 |
|
20 |
|
4 |
|
|
|
|
|
|
|
|
Company -
Other |
2 |
|
2 |
|
0 |
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - U.S. |
70 |
|
70 |
|
0 |
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - International |
21 |
|
15 |
|
6 |
|
|
|
|
|
|
|
|
Total |
570 |
|
540 |
|
30 |
|
|
|
|
|
|
|
|
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|
Company
restaurants |
|
|
|
|
|
|
|
|
|
|
Restaurant and other
sales |
$ |
589,704 |
|
$ |
536,341 |
|
9.9 |
|
% |
|
$ |
1,836,179 |
|
$ |
1,661,821 |
|
|
10.5 |
|
% |
|
Store
weeks |
|
6,196 |
|
|
5,868 |
|
5.6 |
|
% |
|
|
18,386 |
|
|
17,324 |
|
|
6.1 |
|
% |
|
Comparable
restaurant sales growth (1) |
|
5.5 |
% |
|
4.5 |
% |
|
|
5.4 |
% |
|
4.0 |
|
% |
|
|
Texas
Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
|
5.5 |
% |
|
4.6 |
% |
|
|
5.3 |
% |
|
4.0 |
|
% |
|
|
Average unit volume
(2) |
$ |
1,255 |
|
$ |
1,197 |
|
4.8 |
|
% |
|
$ |
3,954 |
|
$ |
3,776 |
|
|
4.7 |
|
% |
|
Weekly sales by
group: |
|
|
|
|
|
|
|
|
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|
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|
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|
Comparable restaurants (417 units) |
$ |
97,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
unit volume restaurants (23 units) (3) |
$ |
85,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (13 units) |
$ |
96,347 |
|
|
|
|
|
|
|
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|
Restaurant
operating costs (as a % of restaurant and other sales) |
|
|
|
|
|
|
|
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|
Cost of
sales |
|
32.6 |
% |
|
32.9 |
% |
(35 |
) |
bps |
|
32.6 |
% |
|
32.8 |
|
% |
(23 |
) |
bps |
Labor |
|
33.5 |
% |
|
31.6 |
% |
194 |
|
bps |
|
32.3 |
% |
|
30.9 |
|
% |
136 |
|
bps |
Rent |
|
2.1 |
% |
|
2.1 |
% |
(1 |
) |
bps |
|
2.0 |
% |
|
2.0 |
|
% |
(2 |
) |
bps |
Other
operating |
|
15.6 |
% |
|
15.6 |
% |
(1 |
) |
bps |
|
15.2 |
% |
|
15.3 |
|
% |
(9 |
) |
bps |
Total |
|
83.8 |
% |
|
82.2 |
% |
157 |
|
bps |
|
82.1 |
% |
|
81.1 |
|
% |
102 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
|
16.2 |
% |
|
17.8 |
% |
(157 |
) |
bps |
|
17.9 |
% |
|
18.9 |
|
% |
(102 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin ($ in thousands) |
$ |
95,817 |
|
$ |
95,552 |
|
0.3 |
|
% |
|
$ |
328,575 |
|
$ |
314,258 |
|
|
4.6 |
|
% |
|
Restaurant
margin $/Store week |
$ |
15,464 |
|
$ |
16,284 |
|
(5.0 |
) |
% |
|
$ |
17,871 |
|
$ |
18,140 |
|
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
4,891 |
|
$ |
4,166 |
|
17.4 |
|
% |
|
$ |
15,358 |
|
$ |
12,634 |
|
|
21.6 |
|
% |
|
Store
weeks |
|
1,175 |
|
|
1,092 |
|
7.6 |
|
% |
|
|
3,478 |
|
|
3,264 |
|
|
6.6 |
|
% |
|
Comparable
restaurant sales growth (1) |
|
1.8 |
% |
|
2.8 |
% |
|
|
2.0 |
% |
|
2.9 |
|
% |
|
|
U.S.
franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
|
4.2 |
% |
|
4.7 |
% |
|
|
4.1 |
% |
|
4.0 |
|
% |
|
|
Average unit volume
(2) |
$ |
1,281 |
|
$ |
1,227 |
|
4.4 |
|
% |
|
$ |
4,053 |
|
$ |
3,862 |
|
|
5.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense |
$ |
4,378 |
|
$ |
4,548 |
|
(3.7 |
) |
% |
|
$ |
13,529 |
|
$ |
14,302 |
|
|
(5.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
25,843 |
|
$ |
23,534 |
|
9.8 |
|
% |
|
$ |
75,492 |
|
$ |
69,236 |
|
|
9.0 |
|
% |
|
As a % of
revenue |
|
4.3 |
% |
|
4.4 |
% |
(1 |
) |
bps |
|
4.1 |
% |
|
4.1 |
|
% |
(6 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
$ |
35,023 |
|
$ |
26,123 |
|
34.1 |
|
% |
|
$ |
100,202 |
|
$ |
94,594 |
|
|
5.9 |
|
% |
|
As a % of
revenue |
|
5.9 |
% |
|
4.8 |
% |
106 |
|
bps |
|
5.4 |
% |
|
5.6 |
|
% |
(24 |
) |
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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