Texas Roadhouse, Inc. Announces Fourth Quarter 2018 Results
February 19 2019 - 4:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 52 week periods ended December 25,
2018.
|
Fourth Quarter |
Year to Date |
($000's) |
2018 |
|
2017 |
|
% Change |
2018 |
2017 |
% Change |
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
605,912 |
|
$ |
545,076 |
|
11.2% |
$ |
2,457,449 |
|
$ |
2,219,531 |
10.7% |
Income from
operations |
33,207 |
|
37,459 |
|
(11.4%) |
187,789 |
186,206 |
0.9% |
Net income |
30,332 |
|
28,618 |
|
6.0% |
158,225 |
131,526 |
20.3% |
Diluted EPS |
$ |
0.42 |
|
$ |
0.40 |
|
5.4% |
$ |
2.20 |
|
$ |
1.84 |
19.6% |
Results for the fourth quarter included the
following highlights:
- Comparable restaurant sales increased 5.6% at company
restaurants and 4.8% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 112 basis points to 15.9%, primarily due to higher
labor costs. Restaurant margin dollars increased 3.7% to $95.6
million from $92.2 million in the prior year;
- Our income tax rate decreased to 5.8% from 19.8% in the prior
year primarily due to the impact of new tax legislation;
- Diluted earnings per share increased 5.4% to $0.42 from $0.40
in the prior year primarily due to higher revenue and lower income
tax expense partially offset by higher labor costs and higher
general and administrative expenses; and
- Eleven company restaurants, including one Bubba’s 33, 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 4.3% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 104 basis points to 17.4%, primarily due to higher
labor costs. Restaurant margin dollars increased 4.4% to $424.2
million from $406.4 million in the prior year;
- Our income tax rate decreased to 12.9% from 26.1% in the prior
year primarily due to the impact of new tax legislation;
- Diluted earnings per share increased 19.6% to $2.20 from $1.84
in the prior year primarily due to higher revenue and lower income
tax expense partially offset by higher labor costs. In addition, we
overlapped 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
- 28 company restaurants, including five Bubba’s 33, and five
international franchise restaurants were opened.
Kent Taylor, Chief Executive Officer of Texas
Roadhouse, Inc., commented, "We finished the year strong, with
double digit revenue growth for both the fourth quarter and full
year. This represented the 36th consecutive quarter of positive
comparable restaurant sales, with growth of 5.6% driven by
increased traffic. In addition, our solid balance sheet and healthy
cashflow allowed us to open 28 company restaurants this year, while
also increasing our quarterly cash dividend to $0.30 per share
which is our sixth straight year of increasing our dividends by
double digits."
Taylor continued, “Looking ahead to 2019, our
development pipeline is in great shape as we expect to open 25 to
30 company restaurants and as many as eight franchise restaurants.
While we expect to face continued cost pressures in the near term,
we remain excited about the top-line momentum that our operators
have generated.”
2019 Outlook
Comparable restaurant sales at company
restaurants for the first 54 days of our first quarter of fiscal
2019 increased approximately 6.0% compared to the prior year
period, including a positive impact of approximately 1.3% related
to the calendar shift of the New Year’s holiday.
Management updated the following expectations
for 2019:
- Positive comparable restaurant sales growth including a menu
price increase of approximately 1.5% to be implemented at the
beginning of our second quarter;
- An income tax rate of approximately 15.0%; and
- Total capital expenditures of approximately $210 million to
$220 million.
Management reiterated the following expectations
for 2019:
- 25 to 30 company restaurant openings, including as many as four
Bubba’s 33 restaurants;
- Commodity cost inflation of approximately 1.0% to 2.0%;
and
- Mid-single digit growth in labor dollars per store week,
excluding the impact of higher guest counts.
Cash Dividend Payment
On February 13, 2019, our Board of Directors
authorized the payment of a quarterly cash dividend of $0.30 per
share of common stock. This payment, which will be distributed on
March 29, 2019 to shareholders of record at the close of business
on March 13, 2019, represents a 20% increase from the cash dividend
of $0.25 per share of common stock declared during each quarter of
2018. Since the inception of our dividend program in 2011, our cash
dividend per share of common stock has increased an average of
18.0% 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 19, 2019 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 9984178 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 580 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.
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 25,2018 |
|
|
December 26,2017 |
|
|
December 25,2018 |
|
|
December 26,2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant and other
sales |
$ |
600,936 |
|
|
|
$ |
541,196 |
|
|
$ |
2,437,115 |
|
|
|
$ |
2,203,017 |
|
Franchise
royalties and fees |
4,976 |
|
|
|
3,880 |
|
|
20,334 |
|
|
|
16,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
605,912 |
|
|
|
545,076 |
|
|
2,457,449 |
|
|
|
2,219,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and amortization
shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
196,476 |
|
|
|
175,688 |
|
|
795,300 |
|
|
|
721,550 |
|
Labor |
200,086 |
|
|
|
173,258 |
|
|
793,384 |
|
|
|
687,545 |
|
Rent |
12,491 |
|
|
|
11,569 |
|
|
48,791 |
|
|
|
44,807 |
|
Other
operating |
96,295 |
|
|
|
88,526 |
|
|
375,477 |
|
|
|
342,702 |
|
Pre-opening |
5,522 |
|
|
|
4,972 |
|
|
19,051 |
|
|
|
19,274 |
|
Depreciation and amortization |
25,724 |
|
|
|
24,263 |
|
|
101,216 |
|
|
|
93,499 |
|
Impairment and closure |
150 |
|
|
|
641 |
|
|
278 |
|
|
|
654 |
|
General
and administrative |
35,961 |
|
|
|
28,700 |
|
|
136,163 |
|
|
|
123,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
572,705 |
|
|
|
507,617 |
|
|
2,269,660 |
|
|
|
2,033,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
33,207 |
|
|
|
37,459 |
|
|
187,789 |
|
|
|
186,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income)
expense, net |
(219 |
) |
|
|
366 |
|
|
591 |
|
|
|
1,577 |
|
Equity income from
investments in unconsolidated affiliates |
(203 |
) |
|
|
(339 |
) |
|
(1,353 |
) |
|
|
(1,488 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
33,629 |
|
|
|
37,432 |
|
|
188,551 |
|
|
|
186,117 |
|
Provision for income
taxes |
1,936 |
|
|
|
7,422 |
|
|
24,257 |
|
|
|
48,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including
noncontrolling interests |
31,693 |
|
|
|
30,010 |
|
|
164,294 |
|
|
|
137,536 |
|
Less: Net income
attributable to noncontrolling interests |
1,361 |
|
|
|
1,392 |
|
|
6,069 |
|
|
|
6,010 |
|
Net income attributable
to Texas Roadhouse, Inc. and subsidiaries |
$ |
30,332 |
|
|
|
$ |
28,618 |
|
|
$ |
158,225 |
|
|
|
$ |
131,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Texas Roadhouse, Inc. and subsidiaries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.42 |
|
|
|
$ |
0.40 |
|
|
$ |
2.21 |
|
|
|
$ |
1.85 |
|
Diluted |
$ |
0.42 |
|
|
|
$ |
0.40 |
|
|
$ |
2.20 |
|
|
|
$ |
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
71,584 |
|
|
|
71,138 |
|
|
71,467 |
|
|
|
70,989 |
|
Diluted |
72,182 |
|
|
|
71,753 |
|
|
71,964 |
|
|
|
71,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.25 |
|
|
|
$ |
0.21 |
|
|
$ |
1.00 |
|
|
|
$ |
0.84 |
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
December 25, 2018 |
|
December 26, 2017 |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
210,125 |
|
|
$ |
150,918 |
|
Other
current assets, net |
|
134,894 |
|
|
106,163 |
|
Property
and equipment, net |
|
956,676 |
|
|
912,147 |
|
Goodwill |
|
123,220 |
|
|
121,040 |
|
Intangible
assets, net |
|
1,959 |
|
|
2,700 |
|
Other
assets |
|
42,402 |
|
|
37,655 |
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,469,276 |
|
|
$ |
1,330,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
current liabilities |
|
385,142 |
|
|
329,998 |
|
Long-term
debt and obligation under capital lease, excluding current
maturities |
2,081 |
|
|
51,981 |
|
Other
liabilities, net |
|
121,345 |
|
|
97,253 |
|
Texas
Roadhouse, Inc. and subsidiaries stockholders' equity |
|
945,569 |
|
|
839,079 |
|
Noncontrolling interests |
|
15,139 |
|
|
12,312 |
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
$ |
1,469,276 |
|
|
$ |
1,330,623 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks Ended |
|
|
|
|
|
|
|
|
|
December 25, 2018 |
|
December 26, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities: |
|
|
|
|
|
Net income
including noncontrolling interests |
|
$ |
164,294 |
|
|
$ |
137,536 |
Adjustments
to reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
|
Depreciation and amortization |
|
101,216 |
|
|
93,499 |
|
Share-based
compensation expense |
|
33,983 |
|
|
26,934 |
|
Other
noncash adjustments, net |
|
18,726 |
|
|
438 |
Change in
working capital |
|
34,649 |
|
|
27,966 |
|
|
Net cash provided by
operating activities |
|
352,868 |
|
|
286,373 |
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
Capital
expenditures - property and equipment |
|
(155,980) |
|
|
(161,628) |
Acquisition
of franchise restaurants, net of cash acquired |
|
(2,165) |
|
|
(16,528) |
|
|
Net cash used in
investing activities |
|
(158,145) |
|
|
(178,156) |
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
Principal
payments on long-term debt and capital lease obligation |
|
(50,000) |
|
|
(558) |
Dividends
paid |
|
(68,550) |
|
|
(58,154) |
Other
financing activities, net |
|
(16,966) |
|
|
(11,531) |
|
|
Net cash used in
financing activities |
|
(135,516) |
|
|
(70,243) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents |
|
59,207 |
|
|
37,974 |
Cash and
cash equivalents - beginning of period |
|
150,918 |
|
|
112,944 |
Cash and
cash equivalents - end of period |
|
$ |
210,125 |
|
|
$ |
150,918 |
Texas Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to
Restaurant Margin |
(in thousands) |
(unaudited) |
|
|
|
|
13 Weeks Ended |
|
52 Weeks Ended |
|
|
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
33,207 |
|
$ |
37,459 |
|
$ |
187,789 |
|
$ |
186,206 |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
4,976 |
|
3,880 |
|
20,334 |
|
16,514 |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
Pre-opening |
|
5,522 |
|
4,972 |
|
19,051 |
|
19,274 |
Depreciation and
amortization |
|
25,724 |
|
24,263 |
|
101,216 |
|
93,499 |
Impairment and
closure |
|
150 |
|
641 |
|
278 |
|
654 |
General and
administrative |
|
35,961 |
|
28,700 |
|
136,163 |
|
123,294 |
|
|
|
|
|
|
|
|
|
Restaurant margin |
|
$ |
95,588 |
|
$ |
92,155 |
|
$ |
424,163 |
|
$ |
406,413 |
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant and other sales) |
|
15.9% |
|
17.0% |
|
17.4% |
|
18.4% |
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 |
|
|
|
|
2018 |
|
2017 |
|
vs
LY |
|
|
2018 |
|
2017 |
|
vs
LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
10 |
|
7 |
|
3 |
|
|
23 |
|
23 |
|
0 |
|
|
Company -
Bubba's 33 |
1 |
|
0 |
|
1 |
|
|
5 |
|
4 |
|
1 |
|
|
Company -
Other |
0 |
|
0 |
|
0 |
|
|
0 |
|
0 |
|
0 |
|
|
Franchise -
Texas Roadhouse - U.S. |
0 |
|
0 |
|
0 |
|
|
0 |
|
1 |
|
(1) |
|
|
Franchise -
Texas Roadhouse - International |
1 |
|
2 |
|
(1) |
|
|
5 |
|
4 |
|
1 |
|
|
Total |
12 |
|
9 |
|
3 |
|
|
33 |
|
32 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
1 |
|
0 |
|
1 |
|
|
1 |
|
4 |
|
(3) |
|
|
Franchise -
Texas Roadhouse |
(1) |
|
0 |
|
(1) |
|
|
(1) |
|
(4) |
|
3 |
|
|
Total |
0 |
|
0 |
|
0 |
|
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants
open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
464 |
|
440 |
|
24 |
|
|
|
|
|
|
|
|
|
Company -
Bubba's 33 |
25 |
|
20 |
|
5 |
|
|
|
|
|
|
|
|
|
Company -
Other |
2 |
|
2 |
|
0 |
|
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - U.S. |
69 |
|
70 |
|
(1) |
|
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - International |
22 |
|
17 |
|
5 |
|
|
|
|
|
|
|
|
|
Total |
582 |
|
549 |
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
and other sales |
$ |
600,936 |
|
$ |
541,196 |
|
11.0 |
% |
$ |
2,437,115 |
|
$ |
2,203,017 |
|
10.6 |
% |
|
Store
weeks |
6,307 |
|
5,950 |
|
6.0 |
% |
24,693 |
|
23,274 |
|
6.1 |
% |
|
Comparable
restaurant sales growth (1) |
5.6 |
% |
5.8 |
% |
|
|
5.4 |
% |
4.5 |
% |
|
|
Texas
Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
5.6 |
% |
5.9 |
% |
|
|
5.4 |
% |
4.5 |
% |
|
|
|
Average unit volume
(2) |
$ |
1,252 |
|
$ |
1,193 |
|
5.0 |
% |
$ |
5,211 |
|
$ |
4,973 |
|
4.8 |
% |
|
|
Weekly sales by
group: |
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurants (424 units) |
$ |
96,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit
volume restaurants (23 units) (3) |
$ |
85,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less
than 6 months old (17 units) |
$ |
104,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (as a % of restaurant and other sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
32.7 |
% |
32.5 |
% |
23 |
bps |
32.6 |
% |
32.8 |
% |
(12) |
bps |
Labor |
33.3 |
% |
32.0 |
% |
128 |
bps |
32.6 |
% |
31.2 |
% |
134 |
bps |
Rent |
|
2.1 |
% |
2.1 |
% |
(6) |
bps |
2.0 |
% |
2.0 |
% |
(3) |
bps |
Other
operating |
16.0 |
% |
16.4 |
% |
(33) |
bps |
15.4 |
% |
15.6 |
% |
(15) |
bps |
Total |
84.1 |
% |
83.0 |
% |
112 |
bps |
82.6 |
% |
81.6 |
% |
104 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
15.9 |
% |
17.0 |
% |
(112) |
bps |
17.4 |
% |
18.4 |
% |
(104) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin ($ in thousands) |
$ |
95,588 |
|
$ |
92,155 |
|
3.7 |
% |
$ |
424,163 |
|
$ |
406,413 |
|
4.4 |
% |
|
Restaurant
margin $/Store week |
$ |
15,156 |
|
$ |
15,488 |
|
(2.1) |
% |
$ |
17,177 |
|
$ |
17,462 |
|
(1.6) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
4,976 |
|
$ |
3,880 |
|
28.2 |
% |
$ |
20,334 |
|
$ |
16,514 |
|
23.1 |
% |
|
Store
weeks |
1,192 |
|
1,117 |
|
6.7 |
% |
4,670 |
|
4,381 |
|
6.6 |
% |
|
Comparable
restaurant sales growth (1) |
2.7 |
% |
2.9 |
% |
|
|
2.2 |
% |
2.9 |
% |
|
|
U.S.
franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
4.8 |
% |
4.7 |
% |
|
|
4.3 |
% |
4.2 |
% |
|
|
|
Average unit volume
(2) |
$ |
1,284 |
|
$ |
1,226 |
|
4.8 |
% |
$ |
5,338 |
|
$ |
5,077 |
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense |
$ |
5,522 |
|
$ |
4,972 |
|
11.1 |
% |
$ |
19,051 |
|
$ |
19,274 |
|
(1.2) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
25,724 |
|
$ |
24,263 |
|
6.0 |
% |
$ |
101,216 |
|
$ |
93,499 |
|
8.3 |
% |
|
As a % of
revenue |
4.2 |
% |
4.5 |
% |
(21) |
bps |
4.1 |
% |
4.2 |
% |
(9) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
$ |
35,961 |
|
$ |
28,700 |
|
25.3 |
% |
$ |
136,163 |
|
$ |
123,294 |
|
10.4 |
% |
|
As a % of
revenue |
5.9 |
% |
5.3 |
% |
67 |
bps |
5.5 |
% |
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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