Texas Roadhouse, Inc. Announces Second Quarter 2019 Results
July 29 2019 - 4:03PM
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 26 week periods ended June 25, 2019.
|
|
|
|
|
Second Quarter |
|
Year to Date |
($000's) |
|
2019 |
|
|
2018 |
|
% Change |
|
|
2019 |
|
2018 |
% Change |
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
689,828 |
|
$ |
629,237 |
|
9.6 |
% |
|
$ |
1,380,436 |
$ |
1,256,942 |
9.8 |
% |
Income from operations |
|
53,283 |
|
|
54,267 |
|
(1.8 |
%) |
|
|
113,728 |
|
119,138 |
(4.5 |
%) |
Net income |
|
44,845 |
|
|
44,227 |
|
1.4 |
% |
|
|
95,235 |
|
98,768 |
(3.6 |
%) |
Diluted EPS |
$ |
0.63 |
|
$ |
0.62 |
|
1.6 |
% |
|
$ |
1.32 |
$ |
1.37 |
(3.7 |
%) |
|
|
|
|
|
|
|
|
|
|
Results for the second quarter included the
following highlights:
- Comparable restaurant sales increased 4.7% at company
restaurants and 4.3% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 53 basis points to 17.6%, primarily due to higher
labor costs driven by wage rate and other inflation, partially
offset by lower cost of sales as the benefit of a higher average
check more than offset inflation. Restaurant margin dollars
increased 6.5% to $120.8 million from $113.4 million in the prior
year;
- Diluted earnings per share increased to $0.63 from $0.62 in the
prior year primarily due to higher restaurant margin dollars along
with lower income taxes partially offset by higher general and
administrative expenses and higher depreciation and amortization
expense;
- Three Texas Roadhouse company restaurants were opened and two
franchise restaurants were opened; and
- The Board of Directors approved a stock repurchase program
which authorized the repurchase of up to $250 million of common
stock. The Company repurchased 2,096,677 shares of common
stock for $112.1 million.
Results for the year-to-date period included the following
highlights:
- Comparable restaurant sales increased 5.0% at company
restaurants and 4.3% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant and other
sales, decreased 90 basis points to 17.8% primarily due to higher
labor costs driven by wage rate and other inflation.
Restaurant margin dollars increased 4.6% to $243.4 million from
$232.8 million in the prior year;
- Diluted earnings per share decreased to $1.32 from $1.37
primarily due to higher general and administrative expenses and
higher depreciation and amortization expense, partially offset by
higher restaurant margin dollars; and
- Seven Texas Roadhouse company restaurants were opened and four
franchise restaurants were opened.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc.,
commented, “We are pleased with our continued top-line momentum
highlighted by positive comparable restaurant sales of 4.7%.
While restaurant margins continue to be pressured by higher labor
costs driven by increasing wage rates and other inflation, the
additional pricing we put in place at the beginning of the quarter
provided a significant benefit.”
Taylor continued, “On the development front, we have opened 10
company restaurants so far this year. We have experienced
some construction delays that we expect will push some sites into
early next year but remain focused on opening approximately 15
additional locations in 2019. Finally, our healthy cash flows
enabled us to repurchase over 2 million shares of our common stock
this quarter. We believe these share buy backs and our
dividend program reflect our commitment to further driving
shareholder value.”
2019 Outlook
Comparable restaurant sales at company
restaurants for the first four weeks of our third quarter of fiscal
2019 increased approximately 4.3% compared to the prior year
period.
Management updated the following expectations
for 2019:
- Approximately 25 company restaurant openings, including as many
as four Bubba’s 33 restaurants;
- An income tax rate of 14.0% to 15.0%; and
- Total capital expenditures of approximately $210 million.
Management reiterated the following expectations
for 2019:
- Positive comparable restaurant sales growth;
- Commodity cost inflation of approximately 1.0% to 2.0%;
and
- Approximately 7.0% to 8.0% growth in total labor dollars per
store week.
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, July 29, 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 5154796 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 590 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 |
|
26 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 25, 2019 |
|
June 26, 2018 |
|
June 25, 2019 |
|
June 26, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Restaurant and
other sales |
$ |
684,373 |
|
|
$ |
624,073 |
|
|
$ |
1,369,490 |
|
|
$ |
1,246,475 |
|
|
Franchise
royalties and fees |
|
5,455 |
|
|
|
5,164 |
|
|
|
10,946 |
|
|
|
10,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
689,828 |
|
|
|
629,237 |
|
|
|
1,380,436 |
|
|
|
1,256,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Restaurant operating
costs (excluding depreciation and amortization shown separately
below): |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
221,266 |
|
|
|
204,048 |
|
|
|
444,978 |
|
|
|
406,834 |
|
|
|
Labor |
|
225,490 |
|
|
|
199,647 |
|
|
|
449,370 |
|
|
|
395,677 |
|
|
|
Rent |
|
13,051 |
|
|
|
12,119 |
|
|
|
26,179 |
|
|
|
23,970 |
|
|
|
Other operating |
|
103,811 |
|
|
|
94,858 |
|
|
|
205,613 |
|
|
|
187,236 |
|
|
Pre-opening |
|
4,197 |
|
|
|
4,107 |
|
|
|
8,065 |
|
|
|
9,151 |
|
|
Depreciation and
amortization |
|
28,454 |
|
|
|
25,165 |
|
|
|
56,227 |
|
|
|
49,649 |
|
|
Impairment and
closure |
|
316 |
|
|
|
22 |
|
|
|
333 |
|
|
|
108 |
|
|
General and
administrative |
|
39,960 |
|
|
|
35,004 |
|
|
|
75,943 |
|
|
|
65,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
|
636,545 |
|
|
|
574,970 |
|
|
|
1,266,708 |
|
|
|
1,137,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
53,283 |
|
|
|
54,267 |
|
|
|
113,728 |
|
|
|
119,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(expense), net |
|
691 |
|
|
|
(283 |
) |
|
|
1,445 |
|
|
|
(642 |
) |
Equity income from
investments in |
|
|
|
|
|
|
|
|
|
|
unconsolidated
affiliates |
|
141 |
|
|
|
445 |
|
|
|
254 |
|
|
|
769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
54,115 |
|
|
|
54,429 |
|
|
|
115,427 |
|
|
|
119,265 |
|
Provision for
income taxes |
|
7,427 |
|
|
|
8,466 |
|
|
|
16,546 |
|
|
|
16,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
including noncontrolling interests |
|
46,688 |
|
|
|
45,963 |
|
|
|
98,881 |
|
|
|
102,342 |
|
Less: Net income
attributable to noncontrolling interests |
|
1,843 |
|
|
|
1,736 |
|
|
|
3,646 |
|
|
|
3,574 |
|
Net income
attributable to Texas Roadhouse, Inc. and subsidiaries |
$ |
44,845 |
|
|
$ |
44,227 |
|
|
$ |
95,235 |
|
|
$ |
98,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share attributable to Texas Roadhouse, Inc. |
|
|
|
|
|
|
|
|
|
and
subsidiaries: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.63 |
|
|
$ |
0.62 |
|
|
$ |
1.33 |
|
|
$ |
1.38 |
|
|
Diluted |
$ |
0.63 |
|
|
$ |
0.62 |
|
|
$ |
1.32 |
|
|
$ |
1.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
71,362 |
|
|
|
71,445 |
|
|
|
71,558 |
|
|
|
71,389 |
|
|
Diluted |
|
71,733 |
|
|
|
71,897 |
|
|
|
71,961 |
|
|
|
71,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share |
$ |
0.30 |
|
|
$ |
0.25 |
|
|
$ |
0.60 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
June 25, 2019 |
|
December 25, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
144,839 |
|
|
$ |
210,125 |
|
|
Other current assets, net |
|
72,589 |
|
|
|
134,894 |
|
|
Property and equipment,
net |
|
991,339 |
|
|
|
956,676 |
|
|
Operating lease right-of-use
asset, net |
|
485,818 |
|
|
|
- |
|
|
Goodwill |
|
123,220 |
|
|
|
123,220 |
|
|
Intangible assets, net |
|
1,513 |
|
|
|
1,959 |
|
|
Other assets |
|
49,533 |
|
|
|
42,402 |
|
|
|
|
|
|
|
|
Total assets |
$ |
1,868,851 |
|
|
$ |
1,469,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
359,065 |
|
|
|
385,142 |
|
|
Operating lease liabilities,
net of current portion |
|
521,820 |
|
|
|
- |
|
|
Other liabilities, net |
|
82,348 |
|
|
|
123,426 |
|
|
Texas Roadhouse, Inc. and
subsidiaries stockholders' equity |
|
890,852 |
|
|
|
945,569 |
|
|
Noncontrolling interests |
|
14,766 |
|
|
|
15,139 |
|
|
|
|
|
|
|
|
Total liabilities and
equity |
$ |
1,868,851 |
|
|
$ |
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 Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
|
|
|
|
|
|
|
June 25, 2019 |
|
June 26, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities: |
|
|
|
|
Net income
including noncontrolling interests |
$ |
98,881 |
|
|
|
$ |
102,342 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities |
|
|
|
|
|
Depreciation and
amortization |
|
56,227 |
|
|
|
|
49,649 |
|
|
Share-based
compensation expense |
|
16,873 |
|
|
|
|
15,856 |
|
|
Other noncash
adjustments, net |
|
(27 |
) |
|
|
|
7,076 |
|
Change in working
capital |
|
15,062 |
|
|
|
|
(9,816 |
) |
|
|
Net cash provided by operating activities |
|
187,016 |
|
|
|
|
165,107 |
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
Capital
expenditures - property and equipment |
|
(87,782 |
) |
|
|
|
(66,718 |
) |
|
|
Net cash used in investing
activities |
|
(87,782 |
) |
|
|
|
(66,718 |
) |
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
Principal payments
on long-term debt and capital lease obligation |
|
- |
|
|
|
|
(50,004 |
) |
Repurchase shares
of common stock |
|
(112,050 |
) |
|
|
|
- |
|
Dividends
paid |
|
(39,452 |
) |
|
|
|
(32,798 |
) |
Other financing
activities, net |
|
(13,018 |
) |
|
|
|
(12,152 |
) |
|
|
Net cash used in financing
activities |
|
(164,520 |
) |
|
|
|
(94,954 |
) |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash and cash equivalents |
|
(65,286 |
) |
|
|
|
3,435 |
|
Cash and cash
equivalents - beginning of period |
|
210,125 |
|
|
|
|
150,918 |
|
Cash and cash
equivalents - end of period |
$ |
144,839 |
|
|
|
$ |
154,353 |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Reconciliation of Income from Operations to Restaurant
Margin |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
June 25, 2019 |
|
June 26, 2018 |
|
June 25, 2019 |
|
June 26, 2018 |
|
|
|
|
|
|
|
|
Income from operations |
$ |
53,283 |
|
|
$ |
54,267 |
|
|
$ |
113,728 |
|
|
$ |
119,138 |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Franchise royalties and
fees |
|
5,455 |
|
|
|
5,164 |
|
|
|
10,946 |
|
|
|
10,467 |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
Pre-opening |
|
4,197 |
|
|
|
4,107 |
|
|
|
8,065 |
|
|
|
9,151 |
|
Depreciation and
amortization |
|
28,454 |
|
|
|
25,165 |
|
|
|
56,227 |
|
|
|
49,649 |
|
Impairment and closure |
|
316 |
|
|
|
22 |
|
|
|
333 |
|
|
|
108 |
|
General and
administrative |
|
39,960 |
|
|
|
35,004 |
|
|
|
75,943 |
|
|
|
65,179 |
|
|
|
|
|
|
|
|
|
Restaurant margin |
$ |
120,755 |
|
|
$ |
113,401 |
|
|
$ |
243,350 |
|
|
$ |
232,758 |
|
|
|
|
|
|
|
|
|
Restaurant margin (as a
percentage of restaurant and other sales) |
|
17.6 |
% |
|
|
18.2 |
% |
|
|
17.8 |
% |
|
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries |
Supplemental Financial and Operating
Information |
($ amounts in thousands, except weekly sales by
group) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
Change |
|
Year to Date |
|
Change |
|
|
|
|
|
2019 |
|
|
2018 |
|
vs LY |
|
|
2019 |
|
|
2018 |
|
vs LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
3 |
|
|
4 |
|
(1 |
) |
|
|
7 |
|
|
10 |
|
(3 |
) |
|
|
Company - Bubba's
33 |
|
0 |
|
|
3 |
|
(3 |
) |
|
|
0 |
|
|
4 |
|
(4 |
) |
|
|
Company -
Other |
|
0 |
|
|
0 |
|
0 |
|
|
|
0 |
|
|
0 |
|
0 |
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
1 |
|
|
0 |
|
1 |
|
|
|
1 |
|
|
0 |
|
1 |
|
|
|
Franchise - Texas
Roadhouse - International |
|
1 |
|
|
1 |
|
0 |
|
|
|
3 |
|
|
3 |
|
0 |
|
|
|
Total |
|
5 |
|
|
8 |
|
(3 |
) |
|
|
11 |
|
|
17 |
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
closures |
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - International |
|
(2 |
) |
|
0 |
|
(2 |
) |
|
|
(2 |
) |
|
0 |
|
(2 |
) |
|
|
Total |
|
(2 |
) |
|
0 |
|
(2 |
) |
|
|
(2 |
) |
|
0 |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open
at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
Company - Texas
Roadhouse |
|
471 |
|
|
450 |
|
21 |
|
|
|
|
|
|
|
|
Company - Bubba's
33 |
|
25 |
|
|
24 |
|
1 |
|
|
|
|
|
|
|
|
Company -
Other |
|
2 |
|
|
2 |
|
0 |
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - U.S. |
|
70 |
|
|
70 |
|
0 |
|
|
|
|
|
|
|
|
Franchise - Texas
Roadhouse - International |
|
23 |
|
|
20 |
|
3 |
|
|
|
|
|
|
|
|
Total |
|
591 |
|
|
566 |
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
restaurants |
|
|
|
|
|
|
|
|
|
|
|
Restaurant and
other sales |
$ |
684,373 |
|
$ |
624,073 |
|
9.7 |
% |
|
$ |
1,369,490 |
|
$ |
1,246,475 |
|
9.9 |
% |
|
|
Store weeks |
|
6,460 |
|
|
6,142 |
|
5.2 |
% |
|
|
12,846 |
|
|
12,190 |
|
5.4 |
% |
|
|
Comparable
restaurant sales growth (1) |
|
4.7 |
% |
|
5.7 |
% |
|
|
|
|
5.0 |
% |
|
5.3 |
% |
|
|
|
|
Texas Roadhouse
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1) |
|
4.6 |
% |
|
5.6 |
% |
|
|
|
|
4.9 |
% |
|
5.2 |
% |
|
|
|
|
|
Average unit volume (2) |
$ |
1,393 |
|
$ |
1,337 |
|
4.2 |
% |
|
$ |
2,812 |
|
$ |
2,695 |
|
4.4 |
% |
|
|
|
Weekly sales by group: |
|
|
|
|
|
|
|
|
Comparable restaurants
(434 units) |
$ |
107,590 |
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume
restaurants (20 units) (3) |
$ |
98,426 |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6
months old (17 units) |
$ |
115,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (as a % of restaurant and other sales) |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
32.3 |
% |
|
32.7 |
% |
(37 |
) |
bps |
|
32.5 |
% |
|
32.6 |
% |
(15 |
) |
bps |
Labor |
|
32.9 |
% |
|
32.0 |
% |
96 |
|
bps |
|
32.8 |
% |
|
31.7 |
% |
107 |
|
bps |
Rent |
|
|
1.9 |
% |
|
1.9 |
% |
(4 |
) |
bps |
|
1.9 |
% |
|
1.9 |
% |
(1 |
) |
bps |
Other
operating |
|
15.2 |
% |
|
15.2 |
% |
(3 |
) |
bps |
|
15.0 |
% |
|
15.0 |
% |
(1 |
) |
bps |
Total |
|
82.4 |
% |
|
81.8 |
% |
53 |
|
bps |
|
82.2 |
% |
|
81.3 |
% |
90 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin |
|
17.6 |
% |
|
18.2 |
% |
(53 |
) |
bps |
|
17.8 |
% |
|
18.7 |
% |
(90 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margin
($ in thousands) |
$ |
120,755 |
|
$ |
113,401 |
|
6.5 |
% |
|
$ |
243,350 |
|
$ |
232,758 |
|
4.6 |
% |
|
|
Restaurant margin
$/Store week |
$ |
18,692 |
|
$ |
18,463 |
|
1.2 |
% |
|
$ |
18,943 |
|
$ |
19,094 |
|
(0.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
restaurants |
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
5,455 |
|
$ |
5,164 |
|
5.6 |
% |
|
$ |
10,946 |
|
$ |
10,467 |
|
4.6 |
% |
|
|
Store weeks |
|
1,208 |
|
|
1,164 |
|
3.8 |
% |
|
|
2,403 |
|
|
2,303 |
|
4.3 |
% |
|
|
Comparable
restaurant sales growth (1) |
|
3.7 |
% |
|
1.9 |
% |
|
|
|
|
3.3 |
% |
|
1.9 |
% |
|
|
|
|
U.S. franchise
restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales
growth (1) |
|
4.3 |
% |
|
3.9 |
% |
|
|
|
|
4.3 |
% |
|
4.0 |
% |
|
|
|
|
|
Average unit volume (2) |
$ |
1,436 |
|
$ |
1,376 |
|
4.3 |
% |
|
$ |
2,897 |
|
$ |
2,777 |
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense |
$ |
4,197 |
|
$ |
4,107 |
|
2.2 |
% |
|
$ |
8,065 |
|
$ |
9,151 |
|
(11.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
$ |
28,454 |
|
$ |
25,165 |
|
13.1 |
% |
|
$ |
56,227 |
|
$ |
49,649 |
|
13.2 |
% |
|
|
As a % of
revenue |
|
4.1 |
% |
|
4.0 |
% |
13 |
|
bps |
|
4.1 |
% |
|
3.9 |
% |
12 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
$ |
39,960 |
|
$ |
35,004 |
|
14.2 |
% |
|
$ |
75,943 |
|
$ |
65,179 |
|
16.5 |
% |
|
|
As a % of
revenue |
|
5.8 |
% |
|
5.6 |
% |
23 |
|
bps |
|
5.5 |
% |
|
5.2 |
% |
32 |
|
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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